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.

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

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