Biba CEO White: FCA needs to act on broker regulatory burden

Red tape in a dispenser

The Financial Conduct Authority has been urged to reduce the “unacceptably high” regulatory burden faced by insurance brokers.

In his opening address at the British Insurance Brokers’ annual conference, Steve White, CEO of the trade body, said research by London Economics showed how red tape costs, both direct and indirect, have increased exponentially for brokers over the last three years.

Speaking to a packed auditorium at Manchester Central, White said this was hitting investment in and growth by the industry, as well as being “significantly more” than the fees paid by brokers operating in “most other jurisdictions”

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