Biba calls for cheaper regulation for brokers
Trade body raises concerns about the burden of regulation on smaller brokers in its 2017 manifesto.
The British Insurance Brokers' Association (Biba) has called for the Financial Conduct Authority (FCA) to prioritise cost-effective supervision following a 70% increase in regulation costs for small brokers.
The trade body stated that new research conducted by London Economics has shown that in the last three years the cost of compliance for small general insurance brokers has increased from 4% to 6.8% of income.
The statistics, which were launched in Biba's 2017 Manifesto at the Houses of
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