Biba research shows costs for UK brokers three times higher than next most expensive EU state
The British Insurance Brokers’ Association (Biba) has warned that the regulatory burden imposed by the FSA on brokers is a bigger disadvantage than corporation tax.
The warning follows Biba research showing that costs for brokers in the UK are three times higher than the next most expensive EU state.
Biba chief executive Eric Galbraith is lobbying the government to make sure the Financial Conduct Authority (FCA), puts the right regulation in place.
Galbraith said: "We have succeeded in persuading the policy makers that the insurance sector is not banking. Now we need to get them to understand that general insurance brokers and intermediaries are not insurers. We are not risk takers, we are risk advisors."
“Our members are saying that the regulation burden is a greater competitive disadvantage than the amount of corporation tax they pay.”
Aon chief executive Robert Brown said: “We work closely with the regulators and have consistently argued that the high cost of regulation for brokers in the UK compared to our counterparts in Europe is evident and puts the UK at a disadvantage.”
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