BIBA CEO bemoans regulatory burden
British Insurance Brokers' Association (BIBA) CEO Steve White has criticised the regulatory burden UK insurance brokers are subjected to in his speech at the 2018 BIBA conference in Manchester.
White referred to the extent of the work that the UK’s Financial Conduct Authority (FCA) imposed on insurance brokers since April 2013 which is hindering evolution and innovation.
“120 papers in 5 years – that equates to one every fortnight and none heavier than the 1,240 pages of the FCA second consultation paper on the Senior Managers & Certification regime. 70 percent of BIBA member firms have fewer than 10 staff and for them especially, 1,240 pages is just too much!
“We contend that our productivity is significantly affected by one of the most burdensome and costly regulatory regimes on the planet. We are calling for a period of stability in the rate of regulatory change, with a pause on the continual influx of new FCA requirements and a focus on proportionate supervision for our low risk sector,” White said.
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