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Accountable Regulation

Home / Current Issues / Accountable Regulation

The UK financial services industry is regulated by two bodies, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

The PRA is responsible for ensuring that insurance companies are financially secure and can provide an appropriate degree of protection to customers.  The FCA aims to ensure that the financial services industry is run with integrity; that it provides consumers with appropriate products and services and that firms work for the best interests of the customer. Insurance brokers conduct themselves within a framework set out by the FCA.

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Direct Cost of Regulation

The insurance conduct regulator – the FCA, increased its fees for insurance brokers by 8.4% for 2015-16. This was despite the UK already having the most expensive regulatory system in the world as per research conducted by
London Economics. BIBA members pay £28 million into their FCA feeblock and in addition, face significant indirect costs of regulation which is completely disproportionate to the low risk they represent. We were delighted that the Enterprise Bill, Part 2 – Regulations, included a regulators performance report and a duty to report on the effect on economic growth of regulation ‘red tape’.

We are pleased that the Government has provisionally listed the FCA as a regulator included in its deregulation target.

BIBA calls for the Government’s deregulation and ‘Red Tape Challenge’ work to include the FCA to help deliver proportionate and fair regulation.

Regulatory News

BIBA issues Regulation Updates on a regular basis to alert members to regulatory developments – from the publication of FCA papers to clarity on rule interpretation

 

See all news and updates

Latest Regulation Updates

MP Guide

Helping your constituency with insurance matters

BIBA members have many specialisms and can often help in placing cover for those that fall outside of what is considered a ‘standard risk’.

BIBA helps more than a 250,000 consumers Find a Broker every year and can be found at biba.org.uk, or by calling 0370 950 1790.

See our guide for MP’s here

BIBA Members

Access to full Regulation information

BIBA aims to keep members up to date with important changes to regulatory and compliance matters. our website acts as a repository of information for members, allowing them to access the information they want, when they want it.

View member regulation page

BlBA's calls for action on fair regulation

Each year BIBA campaigns on a number of issues and commits to a series of actions - these calls for action and commitments can be found within our manifesto.

Find more information in the BIBA 2017 Manifesto

Cost of Regulation

BIBA is calling for more proportionate fair and cost effective regulation of insurance brokers.

FSCS Funding 

BIBA is calling for the levy on GI insurance brokers to be reflective of the risk posed and not to increase the already unfair burden on insurance brokers.

BIBA is calling for the FCA to reconsider our proposed fairer funding model separating pure insurance brokers from
secondary intermediaries whose core business is selling something else. Both ‘pots’ would still be a significant size
and it would offer the solution to the issue raised by former FCA Chief Tracey McDermott of “the good guys paying for
the problem caused by the bad guys”.

The Accumulation of Regulation

BIBA is calling for the FCA to prioritise effective supervision over and above continual change.

The Enterprise Act

BIBA is calling for the FCA to be included in the BEIS20 business impact target list.

BIBA is calling for the FCA to take the opportunity presented by the Enterprise Act to engage with BIBA on how better regulation can reduce the economic impact on insurance brokers and their customers.

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Whatever type of insurance you need to find, BIBA can connect you with a broker who can help. Please use the search below or call our Find a Broker Service on 0370 950 1790.

© BIBA 2017