Latest consultation paper echoes Biba bid for tailored regulation
Brokers have urged the FSA to apply the more proportionate approach to financial regulation, outlined in a new Treasury consultation paper, to its own fees and levies.
The paper, issued last week, says the new regulator – to be known as the Financial Conduct Authority rather than the Consumer Protection and Markets Authority – “must tailor its actions to the specific characteristics of the sector being regulated”.
Biba head of compliance and training Steve White said this commitment to more proportionate regulation should be echoed in the FSA's long-delayed review of the Financial Services Compensation Scheme levy structure.
Biba has circulated a letter to its entire membership, which it wants brokers to use as a template for raising their concerns about the levy with their constituency MPs.
• Biba north-west chairman Paul Moors used his after-dinner speech at the association’s northern dinner last week to urge brokers to sign up to Insurance Times’s Fair Fees petition. The campaign urges the FSA to give insurance brokers a fairer deal on fees and levies.