Regulation costs reach all-time high for brokers, BIBA research shows

Article summary

The British Insurance Brokers’ Association (BIBA) has revealed that direct regulatory costs for brokers have increased by 40% since 2019 and overall direct and indirect costs amount to 8% of brokers fees and commissions. In its 2023 manifesto, BIBA urges the Financial Conduct Authority (FCA) to reduce this heavy burden of regulation, to address the authorisations backlog and to introduce a fairer structure around Financial Services Compensation Scheme (FSCS) funding.