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

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.

 

When updating this research, it was found that the regulatory cost for small brokers had increased by 70% in a three-year period. This is all compounded by the fact that the FCA no longer has a global competition objective to act as a check and balance on the impact of any new regulation.

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

BIBA's calls for action on fair regulation

In October 2017 Government ministers expressed concerns about the productivity of UK firms. BIBA contends that although our sector is productive, our productivity is significantly affected by one of the most burdensome and expensive regulatory systems in the world under the stewardship of the Financial Conduct Authority (FCA).


Find more information in the BIBA 2018 Manifesto

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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.

*Members of the Armed Forces have particular insurance needs. BIBA members making a commitment under the Covenant and which help meet these needs can be found here