Biba issues response to Treasury consultation
The British Insurance Brokers’ Association (Biba) has responded to the HM Treasury consultation: A new approach to regulation – building a stronger system, and called for proportionate, appropriate and cost-effective regulation for brokers.
The trade body welcomed the decision to regulate insurance brokers in a single authority - the Financial Conduct Authority (FCA) - but also took the opportunity to highlight the disproportionate nature of brokers' fees compared to the limited risk they posed.
It also called for the Financial Services Authority (FSA) to urgently progress its consultation on the fundamental review of the Financial Services Compensation Scheme, to ensure that new rules are in place for April 2012.
It demanded that
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