BIBA members highlight “cost” in regulatory reform
The British Insurance Brokers’ Association (BIBA) has submitted a formal response to HM Treasury’s consultation paper on a new approach to regulation.
Based on the comments of a cross-section of BIBA members, the two-part response answered the questions in the consultation paper and provided both quantitative and qualitative comments on the current regulatory regime.
Putting this in context, Eric Galbraith, BIBA chief executive, says: “Insurance brokers pose a low risk to the objectives of the Consumer Protection & Markets Authority and care should be taken to ensure that the new regime leads to appropriate and proportionate regulation of our profession.”
According to Mr Galbraith, the burden of regulatory cost is significantly higher in the UK than anywhere else in Europe.
He therefore concludes: “A competitive and healthy insurance intermediary market is in the national interest and so the issue of cost must be taken seriously”.
Category: BIBA News, Financial Services Authority News, Insurance News
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