Biba launches 2025 manifesto highlighting collaboration for broker growth

Trade body Biba has stressed the importance of collaboration as it launched its 2025 manifesto.

Entitled Partnering to deliver value, the association’s annual document sets out its agenda items and action points for the year ahead.

Among Biba’s main goals this year is to achieve more proportionate regulation for brokers and helping them achieve the government’s secondary international competitiveness and growth objective (SICGO).

Graeme Trudgill, chief executive at Biba, said that partnerships both within and outside of the industry “is key to this year’s manifesto in helping us achieve improved outcomes on the issues raised for everyone”.

He added: “We have a golden opportunity with the SICGO on the regulator to align with the government’s focus on growth.

“Improvements to the regulatory architecture can reduce the burden on firms and achieve a regulatory approach that supports growth.

“We know that our issues and the importance of insurance brokers have been recognised by government, with financial services being one of the eight priorities in its new industrial strategy.

“We have enjoyed an extensive collaborative approach with the regulator during the last year and there is an opportunity to achieve positive outcomes.

“The value that brokers provide to clients is so important and this is recognised through the amount of support we’ve received for what we’re doing.”

What’s included?

The manifesto was officially launched at a reception in the Houses of Parliament and was attended by ministers, members of Parliament and senior government officials, alongside various insurance professionals and the media.

Included in the manifesto is a new six-point plan to achieve a more proportionate regulatory environment.

This plan calls for the removal of unnecessary FCA rules now Consumer Duty is in place, reform of the product value/fair value assessment requirements, reducing the scope of the Consumer Duty by removing larger commercial clients, streamlining reporting requirements, speeding up authorisations and the need for international comparison metrics for the regulator.

There are also issues identified for the first time this year, which include differential pricing, permitted insurance payments under the Leasehold and Freehold Reform Act, participation in the Motor Insurance Taskforce and premium finance.

Flooding, cyber insurance, skills, access to insurance and capacity challenges are also spoken about in the manifesto.

Economic secretary to the Treasury Emma Reynolds said: “The financial services sector, including insurance broking, plays a vital role in driving growth across the UK economy.

“This is why the government has named financial services as one of our eight priority sectors within our industrial strategy. I look forward to working with Biba, its members and the entire broking sector, to support a thriving and competitive insurance market across the UK that delivers for both businesses and consumers.”