’We are a low risk sector and we do not pose a systemic risk,’ says chief executive
Biba chief executive Graeme Trudgill has called on the FCA for a “period of stability” after introducing “demanding regulation”.
Speaking during his keynote speech at the 2024 Biba Conference, Trudgill urged the regulator to allow brokers to “breathe” so they can ”focus on clients and new innovations”.
The FCA has introduced a range of new rules over the years, such as the pricing reforms in 2022 and Consumer Duty in 2023.
During his opening address, Trudgill highlighted that a broker recently had to sell up due to the wave of new rules being introduced and felt such a situation was “not right”.
”For the first time ever, the insurance broking sector, our sector passed £100bn of gross written premium (GWP), a huge landmark for which you should all be very proud,” Trudgill said.
”Yet, despite that, we recently received a letter from a small regional broker saying he was having to sell up, as he just couldn’t keep up with the influx of new and demanding regulation from the FCA.
”I think you will agree that finding a professional broker put in that position is not right.
”So, I want to remind the regulator today that we are a low risk sector and we do not pose a systemic risk. My message to the FCA is we don’t need another stream of new regulation.”
He added: “Please give us a period of stability. Allow us to breathe, to focus on clients and new innovations.”
Engagement
Trudgill’s opening address was his first, with him having taken over as chief executive of Biba when Steve White announced he would stand down at the last conference.
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During his speech, Trudgill also explained that there had been ”strong engagement between Biba and the regulator”.
This was one of Trudgill’s pledges when he became Biba’s top boss, with him saying that he wanted to get more engagement between the FCA and Biba members.
In his speech, he urged the FCA to “give us the economic environment so we can help startups become scaleups”.
”I am pleased to report that there is strong engagement between Biba and the regulator,” he said.
”We welcomed the FCA insurance director to our main board meeting. I also recently introduced the first ever series of formal liaison meetings between the FCA and our advisory boards and committees.”
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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