Biba "alarmed" by FSA fee and levy proposals
The British Insurance Brokers' Association (Biba) has voiced its concerns over the proposals contained in the Financial Services Authority (FSA)'s Consultation Paper CP09/7.
Biba's chief executive, Eric Galbraith, said: "While we appreciate that the FSA has an ever-growing workload and that the fees for 10,000 small firms have been frozen, we are alarmed that medium and larger insurance intermediary firms are facing a year on year increase on their regulatory fees and levies of between 30 to 70%."
Mr Galbraith added: "Insurance intermediaries are recognised as one of the very lowest risk groups to the regulator's statutory objectives and yet are facing huge
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 or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Regulation
FCA’s home and travel super-complaint response triggers praise and warnings from experts
Industry specialists have praised the clarity and transparency of the Financial Conduct Authority’s response to the Which? super-complaint about the ‘broken’ home and travel insurance markets but warned the actions may not “get to grips” with “growing problems”.
End of Year Review 2025: UKGI’s Jill Hambley
Jill Hambley, MD of the consultancy division at UKGI reflects on the shake-up at the FCA, the potential non-financial misconduct debacle at Lloyd’s, and shows an aptitude for using Gen Z terms.
FCA commits to expanded work in response to Which? super-complaint
The Financial Conduct Authority has promised to do more work on improving claims handling and consumer understanding of cover in light of Which? hitting the watchdog with a super-complaint about the ‘broken’ home and travel insurance markets.
Experts underwhelmed by FCA insurance rules simplification
Market specialists have given a lukewarm welcome to the Financial Conduct Authority’s changes to the insurance rule book, flagging missed opportunities, disappointments and branding the outcome as unlikely to get pulses racing.
FCA confirms insurance rules simplification
The Financial Conduct Authority has confirmed changes to simplify its rules for brokers and insurers including ongoing training and product reviews and revealed further plans for next year.
With Brewis and Mills gone, what can brokers expect from the FCA in 2026?
Compliance experts are hoping for a slowdown and simplification of rules from the Financial Conduct Authority throughout 2026 following Matt Brewis and Sheldon Mills exit from the regulator. Rosie Simms reports.
What does the 2025 Budget mean for insurance brokers?
On Wednesday afternoon, after weeks of speculation (and an unprecedented early leak by the Office for Budget Responsibility), the Chancellor finally revealed her second Budget. Tom Golding, PKF Littlejohn partner considers some of the main tax changes and what these may mean for insurance brokers.
FOS plans to hike levies to £86m
The Financial Ombudsman Service has opened a consultation on raising its compulsory levy from £70m to £86m in 2026/27 having kept it flat for two years.