BIBA seeks proportionate regulation
Launching its manifesto, Insuring Britain’s future, at the House of Commons this afternoon, BIBA set out a 10-point regulatory plan, which included a request for the Financial Conduct Authority to consult with the Association for ‘constructive discussions’.
BIBA also wants to Financial Ombudsman Service to be more transparent and consistent in its decision making to help the market learn from previous decisions.
Steve White, BIBA’s chief executive, said: “We have a number of new issues to raise but regulation remains the key priority for members.
“We know that globally, UK brokers have the most expensive regulatory costs in the world, that we are low risk and that regulation is not proportionate.
“We welcome the FCA’s commitment to work with us and we will take forward the manifesto’s new 10-point plan on regulation.”
The manifesto included 20 calls for action for the government and the FCA, as BIBA also asked the government to throw its weight behind apprenticeships in the insurance industry by appealing to school and college students.
Graeme Trudgill, BIBA’s executive director, added: “This manifesto is a harmony of voices, not only does it represent the members’ views but for the first time it includes supporting statements from sixteen senior respected organisations from across Britain including the CBI, ABI, CII and FSB all supporting our calls.
“This adds strong support to our campaigns.
“Our manifesto’s calls for action offer solutions to the barriers identified and will take these forward to the relevant government officials, MPs, and other stakeholders to get the best results for customers and our members.”
The manifesto also called for an enactment of the Insurance Bill 2014, which is currently waiting to have its second reading in the House of Commons, and also for proportional implementation of European directives.
John Griffith-Jones, FCA chairman, said: “The FCA was charged with making markets work well for consumers, not just to stop them working badly.
“We will work constructively with BIBA and other stakeholders to review ideas on smart, clear and proportionate regulation of the sector that will benefit consumers”.
Jonathan Evans MP, chair of the All Party Parliamentary Group on insurance and financial services hosted the parliamentary reception.