Biba warns government over burdensome regulatory approach

Biba chief executive Eric Galbraith has written to chancellor George Osborne, warning that the government’s current regulatory approach to brokers was “risking grave damage” to the industry.

In Biba’s Autumn statement 2012 policy submission, Galbraith warned that some Biba members were threatening to withdraw from parts of the personal lines market as a result of the increased regulation.

Galbraith said that the regulatory burden imposed on businesses was “rapidly becoming unsupportable for many” and urged the government to make sure any changes were fair.

“Our members fully recognise the need for regulation – nonetheless this regulation must be more proportionate, appropriate and cost-effective in order to facilitate growth,” he wrote.