BIBA negotiates regulatory fee discount

by Gill Montia

Story link: BIBA negotiates regulatory fee discount

The British Insurance Brokers’ Association (BIBA) has negotiated special terms for the payment of regulatory fees and levies by its members.

Next year, BIBA subscribers will receive a discount of 0.5% on their dues to the Financial Services Authority, compared with non-trade association members.

The scheme is being provided in partnership with Premium Credit, which currently offers BIBA members facilities for commercial and personal lines premium finance plus a facility for spreading their membership fees.

The deal follows BIBA’s input into the FSA Regulatory Fees & Levies Instalment’s Working Group and includes guaranteed auto-acceptance of sums up to a specific limit, provided there have been no defaults in previous years.

BIBA’s technical and corporate affairs executive, Graeme Trudgill, comments: “This is an excellent outcome that should help brokers’ cash flow, considering the current economic environment.”

BIBA represents 2,400 insurance brokers and intermediaries, including 1,700 FSA authorised firms.