The British Insurance Brokers' Association (BIBA) has implored the Treasury to apply an "appropriate, proportionate and cost-effective approach" to regulating insurance brokers.
It also warned that it had some "serious concerns" with the proposed approach and that a one-size fits all plan would be a dangerous step for intermediaries. The Association made the call in a submission to the Treasury's consultation paper, A new approach to regulation: building a stronger system, where it reiterated support for a single regulatory body for the insurance intermediary sector. Eric Galbraith, chief executive of BIBA explained that although the body supported the principle of proportionate, appropriate and cost-effective regulation, it had "some serious concerns regardi...
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