Biba pushes back against FCA letter
The British Insurance Brokers’ Association has criticised the tone taken by the Financial Conduct Authority in its letter to brokers and promised to respond to the watchdog to defend the work done by the sector.
The FCA wrote to brokers on 25 May expressing disappointment with governance failings and a lack of focus on good customer outcomes. Tackling a range of issues, the watchdog committed to taking regulatory action where needed.
Graeme Trudgill, executive director at the British Insurance Brokers’ Association, told Insurance Age that he had already been contacted by members.
“I know our members feel that [for] some of the points made, really it is not the case in regard to their business. They
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