The British Insurance Brokers' Association (Biba) has called for the Financial Conduct Authority (FCA) to prioritise cost-effective supervision following a 70% increase in regulation costs for small brokers. The trade body stated that new research conducted by London Economics has shown that in the last three years the cost of compliance for small general insurance brokers has increased from 4% to 6.8% of income. The statistics, which were launched in Biba's 2017 Manifesto at the Houses of Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content. To access these options, along with all other subscription benefits, please contact [email protected]. You are currently unable to print this content. Please contact [email protected] to find out more. You are currently unable to copy this content. Please contact [email protected] to find out more.
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 .