The British Insurance Brokers’ Association (BIBA) has formally responded to the HM Treasury consultation paper on a new approach to regulation. BIBA prepared and submitted a formal two-part response – based on the comments of a cross-section of members. BIBA responded to the questions in the consultation paper and additionally provided a paper providing both quantitative and qualitative comments on the current FSA regime.
Eric Galbraith, BIBA chief executive, said: “Insurance brokers pose a low risk to the objectives of the Consumer Protection & Markets Authority 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.
Galbraith pointed out that 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," he added.
Printed Copy:
Would you also like to receive CIR Magazine in print?
Data Use:
We will also send you our free daily email newsletters and other relevant communications, which you can opt out of at any time. Thank you.
YOU MIGHT ALSO LIKE