Eric Galbraith, Biba

More of our regulations are coming from Brussels. The purpose, we’re told, is to create a ‘single market’. Fine in theory perhaps, but for whose benefit?

I have seen no research to suggest Europe’s consumers have any appetite to conduct their financial affairs ‘across borders’, even where there is common language and currency.

So if not consumers then how about the member states themselves? No evidence here either. There is no enthusiasm at state level for ‘maximum harmonisation’ - each state still wants the ability to uplift directive requirements to reflect its own market issues.

So if not the consumers or member states, we are left with the ‘Eurocrats’ - politicians and unelected civil servants.

Biba has worked with its European peers for three years on the Insurance Mediation Directive revision and I get a distinct sense these Eurocrats could impose a suite of regulations unfit for purpose.

Eric Galbraith is chief executive of Biba