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