‘The UK financial services industry is regulated by two bodies, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Insurance brokers are regulated by the FCA solely.
The FCA’s statutory objective is to ensure that regulated markets function well and this statutory objective is supported by operational objectives of securing an appropriate degree of protection for consumers; protecting and enhancing the integrity of the UK financial system; and promoting effective competition in the interests of consumers.
BIBA acts as the voice of its members, reflecting members views on whether the FCA is fulfilling its duties in a proportionate manner.’
