The British Insurance Brokers’ Association (BIBA) has welcomed the announcement, in the King’s Speech, that a new Enhancing Financial Services Bill and an EU Partnership Bill will be introduced for the 2026/2027 parliamentary session.
The Enhancing Financial Services Bill, which BIBA has been calling for as its number one Manifesto issue, is the essential vehicle for the regulatory reforms announced by HM Treasury and the Financial Conduct Authority to be implemented. This includes the Government’s Leeds Reforms, that aim to reduce the regulatory burden across the financial services sector, and the FCA’s proposals to streamline the UK’s regulatory regime and simplify the insurance rules as set out in PS25/21.
Graeme Trudgill, BIBA’s Chief Executive, said: “The Enhancing Financial Services Bill is essential and it is extremely positive news. It means that the great work that has been announced to reduce regulatory inefficiencies, reduce the frictional cost of regulation and improve productivity can now be taken forward and become a reality. We have long called for more proportionate regulation for our low risk sector, that maintains protection for customers, and today’s announcement is another step closer to achieving that.
“For BIBA members, the detail will be important. Our aim is for the Bill to be a legislative vehicle to deliver quicker authorisations, reform of the Financial Ombudsman Service, removal of the Certification Regime from the Senior Managers & Certification regime, and creates a provision licence regime for start up firms. All of which will help boost the growth and competitiveness of the UK financial services sector.”
Regarding the new European Partnership Bill, BIBA has also welcomed the Government’s renewed focus on improving the UK’s relationship with the EU, but is calling for negotiations to be expanded to include financial services.
Graeme added: “The Government’s commitment to reducing unnecessary barriers with the EU is welcome, but financial services must not be overlooked. We want Government to accelerate and expand negotiations with the EU to secure an agreement on financial services, starting with an agreement for Northern Ireland that mirrors the Windsor Framework on goods.
This would help reduce complexity for firms, support customer choice and improve outcomes for businesses and consumers. The UK should maintain the strengths of its own regulatory framework, while pursuing practical agreements with the EU where they support growth and competitiveness.”
BIBA will continue to represent members’ interests and work constructively with HM Treasury and the Financial Conduct Authority as the Bills progresses through Parliament.
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Notes to editors
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- About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes more than 1,700 regulated firms, employing over 130,000 people across the UK.
General insurance brokers contribute £26.1bn to the UK economy and arrange £150bn of general insurance premiums – over 5% of UK GDP.
Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.
BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.
