BIBA CEO calls on regulator to stop “continual influx of new FCA requirements”

The continuous regulatory changes facing UK brokers came under attack as Steve White took to the stage to open the 2018 BIBA conference.

White said the UKGI market was one of the costliest regulatory regimes in the world, despite brokers representing a low risk sector, and called on the regulator to hit pause on new and unnecessary regulatory requirements.

“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,” he said. “70% 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.”

A renewed focus on innovation

By freeing up time currently being taken up by regulatory paperwork, British brokers would be able to better focus their efforts on improving their business performance and creating new and innovative products and services.

To that end, the theme of the 2018 BIBA conference is innovation, with Manchester Central playing host to the first BIBA hackathon, where eight teams will seektech-led solutions to issues causing real pain to brokers, and an innovation lounge will allow brokers to meet InsurTech providers that might push their business forward.

White said: “We were very determined to demystify innovation for the benefit of our members and a hackathon is a fantastic way to show how accessible InsurTech and innovation can be.”