Concerns among insurance brokers surrounding the burden of regulation will soon have a new audience after chair of the Treasury Select Committee, Nicky Morgan MP agreed to take them to the regulator.
In a De-risking the Future programme, Morgan championed the BIBA manifesto and stated that “The Treasury Select Committee quizzes senior officials from the FCA several times a year so the issue of the burden of regulation is very alive to those the FCA regulates and they will ask the Treasury Select Committee to raise these issues.”
The programme looks into how general insurance brokers contribute to the UK economy but how productivity has been hit by “what many believe is one of the most burdensome and expensive regulatory systems in the world.”
“I am proud to be working with ITN Productions, who have produced this exciting and professional programme to promote the benefits of insurance brokers to a wide-reaching audience,” said Steve White, chief executive of BIBA.
“We are delighted that Nicky Morgan MP has discussed the burden of regulation and the opportunities to raise these with the Treasury Select Committee. We will continue to work with her to provide the evidence that she needs to question the FCA over why specific regulations are needed or drafted in a particular way.
“De-Risking the Future will demonstrate that our sector is strong, innovative and evolving - all underpinning the wider messages about the benefits of using insurance brokers. At a time when customers’ buying habits and risks are changing, the programme will highlight a range of issues such as cyber insurance, technology and how brokers can help customers to access insurance.”
