A New Era of Regulation – BIBA responds to FCA consultation
In his opening address at the BIBA Conference 2025, BIBA CEO Graeme Trudgill has welcomed the FCA’s new consultation paper CP25/12 ‘Simplifying The Insurance Rules.’
Referring to it as the culmination of BIBA’s close and constructive work with the FCA, Trudgill explained that it will help towards “addressing so many of BIBA’s key member Manifesto regulation points”.
BIBA has long campaigned for more proportionate regulation for low risk insurance brokers and now the FCA is formally consulting on many of BIBA’s calls. These include reducing the scope of the Consumer Duty to eligible complainants under the FOS, removing some of the specific ICOBS and PROD rules, and simplifying the Fair Value Assessment rules to give firms far more flexibility over what assessments are required and how frequently they need to be done.
In addition to the consultation BIBA is supporting FCA’s plans, as confirmed by their CEO to the Prime Minster, to introduce a more streamlined reporting process.
Trudgill also confirmed in his speech that “the FCA has met with the BIBA Team and hundreds of our members, they have listened to our request for faster authorisations and have formally responded to us, setting out the improvements to be made, with a major programme of work underway to transform and move their authorisation forms onto a new IT platform.”
Trudgill also outlined that the FCA will also rationalise the number of forms required for authorisation, improving the user experience.
Trudgill summarised the FCA’s approach as “the partnership that our Manifesto speaks of and ultimately will help drive the government growth agenda”.
Commenting on the next steps, BIBA’s Regulation Director David Sparkes said: “This consultation is an important step that the FCA has taken and we will engage closely with the regulator and our members, to provide a considered response to it.
“The FCA’s five-year strategy says the FCA wants more of the firms it regulates to have direct contact with them and the Insurance Supervision team is delivering on this by joining our Tour of the Regions events once more in 2025”.
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Notes to editors
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- About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes around 1800 regulated firms, employing more than 120,000 people.
General insurance brokers contribute 1% of GDP to the UK economy; they arrange 77% of all general insurance with a premium totalling £105.5bn and 94% of all commercial insurance business.
Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.
BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.
