What is the FCA's main area of regulatory responsibility concerning insurance broking firms?

The Financial Conduct Authority (FCA) primarily focuses on the authorisation and conduct regulation of insurance broking firms. This means that the FCA ensures that firms are properly authorised to operate in the market, complying with various legal and regulatory requirements to protect consumers and maintain market integrity.

Conduct regulation involves overseeing the behavior of insurance brokers to ensure that they treat customers fairly, provide suitable products, and handle complaints effectively. By implementing these regulations, the FCA aims to foster confidence in the insurance market, promoting fair outcomes for consumers and encouraging firms to act responsibly. This comprehensive oversight is vital for maintaining trust in the insurance industry and protecting the interests of policyholders.

The other choices touch on various aspects of the insurance process, but they do not encompass the primary regulatory responsibilities of the FCA. For instance, while consumer education is important, it is not the main regulatory focus of the FCA. Similarly, product development and risk assessment are generally managed by the firms themselves rather than being the FCA's direct responsibility.