The British Insurance Brokers' Association (Biba) and the Institute of Insurance Brokers (IIB) have called for regulatory barriers to be lowered and for the current inappropriate style and intensity of regulation to be reformed.
The plea came in response to the Financial Services Authority's (FSA) consultation ‘The Financial Conduct Authority (FCA): Approach to Regulation'. The trade bodies, which announced a potential merger in May 2011, outlined their concerns under three headings: proportionality, transparency and rules. The FCA was urged to take a fresh look at the rules to clarify and simplify the current handbook, taking into account the needs and characteristics of insurance brokers. Eric Galbraith, Biba chief executive, said: "The creation of a new regulator gives us a unique opportunity for a fund...
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