Biba 2012: Regulation the biggest issue facing brokers

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Seventy-five per cent want Biba to lobby government of FSCS reform

Three-quarters of brokers say regulation is the biggest issue facing their businesses.

That is according to a broker survey carried out on behalf of Biba, which revealed that almost 90% wanted Biba to represent the issue of more appropriate and proportionate regulation to government; 80% said more cost-effective regulation; and almost 75% said reform of the Financial Services Compensation Scheme (FSCS).

The findings were revealed at the Biba 2012 conference in Manchester.

Biba chief executive Eric Galbraith said: “I am delighted to see that 95% of our members are satisfied with the job BIBA is doing. However, my real challenge is to move the 42% of members who said they are satisfied with our activities to join the 54% who are either very or extremely satisfied.

“Regulation remains our key priority, so it is good to see that we are aligned to members’ needs, and I’m also pleased that merger with the IIB has been well received. We will be using the results to shape the future of the association and I want to thank all the brokers who took the time to complete this important survey.”

Among the key findings were:

87% want lobbying for more appropriate and proportionate regulation
80% lobbying for more cost-effective regulation
74% lobbying for reform of the FSCS

Out of 75% of brokers who are finding the cost of regulation an issue, 10% rated it as having a “critical impact” and a further 90% as “some negative impact”.

When asked what BIBA’s focus should be in 2012: