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.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
GDPR fines only insurable in two countries
Commercial insurance rates rise
XL Catlin creates cover for autonomous technology
The Hanover longtime chairman Angelini retires
Weather Analytics merges with Athenium
Hamilton Re poaches new controller from Equator Reinsurances
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze