The British Insurance Brokers ’ Association ( BIBA ) is requesting that the Financial Conduct Authority prioritise more cost - efficient supervision after a 10 % rise in costs for small brokerages . The trading body cited research from London Economics , stating that small insurance brokers ’ cost of compliance with regulation had risen from 5 % to 6.8 % , and that one in seven employees in smaller companies work exclusively on insurance - related work . regulator has expressed concern that regulation has accumulated adversely , and has asked the regulator to prioritise adequate supervision over change .
The British Insurance Brokers’ Association (BIBA) is requesting that the Financial Conduct Authority prioritise more cost-efficient supervision after a 70% rise in costs for small brokerages. The trading body cited research from London Economics, stating that small insurance brokers’ cost of compliance with regulation had increased from 4% to 6.8%, and that one in seven employees in smaller companies work exclusively on regulation-related work. BIBA has shown concern that regulation has accumulated adversely, and has asked the FCA to prioritise adequate supervision over change.