’The FCA and government must look again at how the regulatory costs can be reduced,’ says chief executive 

Biba chief executive Steve White has urged the FCA and government to act over the “unacceptably high” regulatory burden faced by UK insurance brokers.

During a keynote session at the Biba conference in Manchester today (10 May 2023), White said the burden was ”significantly more than most other jurisdictions” and the result was “that it increases risks for all of us”.

He highlighted that research by London Economics showed how costs, both direct and indirect, “have increased exponentially over the last three years”.

And amid the cost of living impact, White called for costs to be reduced.

“The FCA and government must look again at how the regulatory costs can be reduced,” he added.

“It is the right thing to do, given the cost of living increases hitting our members and our customers.”

‘Too high’

White also questioned why the government “thinks it is acceptable” to hit insurance buyers with a 12% insurance premium tax “in the middle of a cost of living crisis”.

“While we all accept the Treasury needs revenue given what has happened in recent years, 12% is too high,” he said.

“At the very least, it should be frozen and not raised for the remainder of this parliament.”

He added that Biba members played a “vital role in supporting financial inclusion”, adding that their work “should be supported by any government”.

“We deserve to be actively promoted on the world stage in all trade deals going forward,” he said.

“Politicians must step up and back us in the way that we back our communities.”