Galbraith: Biba can help point gun at regulation problem areas
Eric Galbraith, chief executive of the British Insurance Brokers’ Association (Biba), has responded to Martin Wheatley’s assertion that the incoming Financial Conduct Authority (FCA) will take a more pre-emptive approach to customer fairness.
Mr Wheatley told the Association of British Insurers, at its recent regulation conference, that the FCA will make forward-looking judgments about firms’ business models, product strategies and how they run their business.
He claimed: “This will help us to intervene earlier to prevent problems from turning into actual harm.”
In response, Mr Galbraith said: “I recognise that the regulator will address the issues of the financial services sector in what they describe as a more intrusive manner, but
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