Biba responds to overhaul of financial regulation
Biba has told the Treasury that its shake-up of financial services regulation should not lead to insurance brokers being saddled with a disproportionate level of red tape.
The association submitted its response today to the Treasury’s consultation paper on the shake-up, which will see the FSA replaced by two new regulators- the Consumer Protection & Markets Authority (CPMA) and the Prudential Regulation Authority.
Biba chief executive Eric Galbraith said: “Insurance brokers pose a low risk to the objectives of the CPMA and care should be taken to ensure that the new regime leads to appropriate and proportionate regulation of our profession. Treasury must now take this opportunity to lay down the foundations for a regulatory environment designed for our profession.”
“The regulatory cost burden in the UK is significantly higher than anywhere else in Europe. A competitive and healthy insurance intermediary market is in the national interest and so the issue of cost must be taken seriously”.