Biba boss tells intrusive FCA head to back off brokers

Biba chief executive Eric Galbraith has delivered a message to Financial Conduct Authority head Martin Wheatley to back off brokers.

Wheatley, speaking yesterday at an ABI conference on financial conduct in London, vowed to be far more intrusive by banning products first and asking questions later.

But Galbraith said: “I recognise that the regulator will address the issues of the financial services sector in what they describe as a more intrusive manner, but when it comes to general insurance this must be targeted at the problem areas, such as lenders and other organisations whose main business is not insurance.

“I believe there is an opportunity for us to work together with the regulator to demonstrate and acknowledge the low risk that our sector presents, and even help to point the gun at any appropriate areas or issues. Our sector has reputational concerns and just like the regulator we don’t want to see problems in the future.  

“As I stated at the ABI conference, our members do take regulation very seriously and are engaged with compliance issues. 

“Members are however very concerned about the cost of regulation generally and have also been badly bruised by the FSCS payments resulting from PPI mis-selling by others.  We need more appropriate regulation, which means a regulator who will focus on general insurance and realise that 13,000 plus intermediaries do not all operate the same way.”