‘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.’

View BIBA’s 2020 Manifesto

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Direct Cost of Regulation

BIBA supports an effective system of regulation, especially for sectors that pose a systemic risk. However, research from Charles Rivers Associates concluded that systemic risk does NOT arise from brokers since they do not hold insurance risk on their balance sheets. 

Research from London Economics found that the cost of regulation in the UK is one of the most expensive in the world; far more than in France and Germany for example.

 

‘The latest update to this research found that in small firms more than one in every four (26%) full time equivalent staff are employed to attend to regulatory requirements.’

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.

Members are also encouraged to manage their preferences, to ensure they have selected to receive information on compliance and regulatory matters’  Click here to manage your preference. 

View member regulation page

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