Compliance experts push back on self-regulation for insurance
The insurance industry could not effectively mark its own homework if moved to self-regulation, according to compliance experts surveyed by Insurance Age, as the specialists noted an insurance specific regulator could be a middle ground.
Last week Arron Banks revealed to Insurance Age that Reform UK is considering scrapping the Financial Conduct Authority, allowing brokers to self-regulate, if it forms the next government.
Banks who works closely with Reform leader Nigel Farage, claimed he wants to slash red tape, cut levies, and be a champion of the independent broker.
Self-regulation for brokers ended in 2005 with the switch from the General Insurance Standards Council (see box) to the Financial Services Authority which in turn
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 Insight
Analysis: Does Intact’s investment in UKGI signal a new era of insurer broker buys?
In 2025 the parent company of Top 100 UK broker Adler Fairways secured financial backing from Intact Financial Corporation. Insurer investments in brokers are nothing new, but the trend over the last decade has been divestments which raise the big question: Does Intact’s move represent a one off or start of something wider? Saxon East investigates.
Howden lifts the lid on MGA sale valuations
The UK remains the largest European market for MGAs, with gross written premium estimated at approximately £7.2bn in 2025, up around 20% year-on-year (2024: £6.3bn).
Biba 2026 Countdown: Coalition UK’s Tom Draper
Tom Draper, managing director of Coalition UK, is looking forward to the Biba Conference magical hour where the formal seminar stage brain fatigue gives way to insurance engagement and recommends brokers double down on being pillars of their communities.
Markerstudy rolls out business division with £200m GWP target
Markerstudy Group has created Markerstudy Business, a commercial insurance division within its distribution arm led by newly appointed CEO Ross Barrington.
Four main board switches at Biba
The British Insurance Brokers’ Association has made a series of changes to its main board as the incumbents’ tenures come to an end.
People Moves: 5 – 8 May 2026
Follow the latest personnel moves in insurance.
Biba 2026 Countdown: Hedron’s Chris Taylor
Chris Taylor, trading and distribution director at Hedron Network, loves the fact that the Biba Conference bucks the growing trend of remote interactions and looks forward to having a ‘breather’ at its network lunch on Wednesday.
D&O, employee benefits and key man cover top list as brokers optimistic on growth
Brokers have ranked D&O, employee benefits and key man cover as the top areas most likely to grow in the coming 12 months as they expressed near unanimous optimism about their businesses and the sector.