Biba calls on FCA to remove large SMEs from scope of Consumer Duty
The British Insurance Brokers’ Association has called for larger commercial customers to be removed from the scope of the Consumer Duty.
The trade body made the point in its response to the Financial Conduct Authority’s discussion paper DP24/1, which sought industry feedback on its regulation of commercial and bespoke insurance business.
Unveiled in July, the watchdog’s paper invited comments on whether its rules strike an appropriate balance between safeguarding customers who need regulatory protections, and competitiveness in the commercial non-investment general insurance market.
Experienced buyersBiba said it believes its
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