Regulatory costs for brokers jump 40% in just three years
Regulatory costs for brokers are 40% higher than in 2019, British Insurance Brokers’ Association research has found.
8.1%Regulation now costs 8.1% of broker fees and commissions
The numbers show that regulation now costs 8.1% of broker fees and commissions.
The results were published in the 2023 Biba Manifesto, with the research carried out by London Economics.
Almost all survey respondents reported that direct and indirect regulatory costs have increased since 2016.
Moreover, the majority of survey respondents considered that these costs had increased by more than 25% since 2016.
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