Biba demands FCA turn up the heat on authorisations ‘burndown’

Graeme Trudgill, executive director, Biba
Graeme Trudgill

The Financial Conduct Authority is taking “far too long” to authorise firms seeking to trade general insurance business for the first time and also needs to up its game on key c-suite broker approvals, executive director of the British Insurance Brokers’ Association Graeme Trudgill told Insurance Age.

As revealed by Insurance Age, in the first 10 months of 2022 it took the FCA 237 days to sign-off businesses’ applications to enter the GI market, far worse than the 174 days hold up in 2021.

Trudgill stated: “237 days is far too long and we need them to respond more quickly.”

Adding: “We have ministers wanting growth and innovation in the sector. It is very difficult to do that when the permissions are taking longer than they did previously.

“I believe the government wants them to respond

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

NSM to buy AllClear owner

NSM Insurance has signed up to buy InsurEvo Group, including AllClear Insurance, InsureandGo and JustCover, from Synova.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: