the Financial Conduct Authority (BIBA) is requesting that The British Insurance Brokers’ Association 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.
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.