UK brokers pay three times more for regulation than any other Euro state
The British Insurance Brokers' Association (Biba) chief executive Eric Galbraith called for a fresh approach to regulation as he revealed key findings of research into the cost and future of regulation.
Biba's Steve White discusses the results with Insurance Age editor Martin Friel
Addressing an audience of MPs, civil servants and Lords at the House of Commons, Mr Galbraith said the research had shown that brokers posed only limited risks to the regulator’s objectives – the potential for low quality advice resulting in the mis-selling of products and the potential for loss of client money – and that the Financial Conduct Authority’s (FCA) future regulation of the sector should reflect this.
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