The British Insurance Brokers’ Association (BIBA) has welcomed the planned creation of a new Consumer Protection & Markets Authority, which was announced by UK Chancellor, George Osborne, at his Mansion House speech on 16 June 2010 (see our previous blog here).
“We are pleased that insurance intermediaries appear to be falling under the scope of one new regulator,” said BIBA’s Chief Executive, Eric Galbraith.
BIBA also called for cost effective regulation and drew attention to the high level of fees faced by UK insurance brokers, which were described as “totally out of line with the rest of Europe,” by BIBA’s Head of Compliance and Training, Steve White.