Biba applauds regulation overhaul

Biba chief executive Eric Galbraith said he is pleased that the trade bodies concerns over splitting the regulation for the broking sector have been taken on board.

He said it looks likely that insurance intermediaries will fall under the scope of one new regulator, the Consumer Protection & Markets Authority (CPMA).

“BIBA has been engaged with Mark Hoban MP, financial secretary to the treasury since his time as a Conservative shadow minister and we look forward to working with him in the future. He is someone who understands our sector," he said

“BIBA will be looking to play a key part in the consultation process and actively encourages its members to lend their voice.”

Steve White, Biba’s head of compliance and training, added: “Biba has long lobbied for the most appropriate and proportionate level of regulation for our sector and will continue to engage with the government, regulator(s) and other stakeholders.

“The cost of regulation is a key lobbying issue for Biba, on behalf of its members.

"The authorities must ensure that, in any change to the regulatory architecture for the insurance intermediary sector, they do not lose sight of the fact that UK intermediaries currently face a level of fees and levies that are totally out of line with the rest of Europe.

"We strongly implore government to make sure that this is factored into their thinking and planning for the future.”