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Intermediaries’ interface between customers and insurers gives them a key role in building and justifying public trust and confidence in the insurance sector, in particular through their conduct and competence. In view of their key role it is important that intermediaries conduct their business with due skill, care and diligence, apply adequate and appropriate governance, act in the best interests of their customers, and be subject to enforceable supervisory standards.

This Application Paper addresses conduct of business by intermediaries, reflecting the fact that customers should be protected equally regardless of whether they obtain cover directly from an insurer or through an insurance intermediary. The supervisory framework should take account of all relevant industry participants, to ensure fair treatment of customers.