Biba tells brokers not to panic about the senior management regime

Navigating rules and regulations

The British Insurance Brokers’ Association (Biba) has told brokers not to panic after the Financial Conduct Authority (FCA) proposed that brokers should be included in the senior management and certification regime (SM&CR).

The regulator published a paper today (26 July) outlining proposals to extend the SM&CR to almost all regulated firms.

“The key message is that brokers do not need to panic about this,” Biba head of compliance and training, David Sparkes, told Insurance Age.

Sparkes noted