Regulatory burden on brokers is heavier than tax
The British Insurance Brokers’ Association (Biba) has warned that the regulatory burden imposed by the Financial Services Authority (FSA) on the insurance broking sector is a greater competitive disadvantage than the amount of corporation tax it pays.
The warning follows research launched by Biba which has identified that the current regime appears disproportionate and inappropriate and that costs for brokers in the UK are three times higher than the next most expensive EU state.
Eric Galbraith, Biba’s chief executive called on the Government to ensure that the new financial regulator, the Financial Conduct Authority (FCA), puts the right regulation in place: “We have succeeded in persuading the policy makers that the insurance sector is not
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