BIBA chief calls for regulatory changes

The British Insurance Brokers’ Association (BIBA) has claimed that the continuing language used by the government and regulator about the financial crisis is a challenge facing the sector and that more recognition should be given to the value insurance brokers bring to the UK.

In his address at its parliamentary reception which marked the merger between BIBA and the Institute of Insurance Brokers (IIB), Eric Galbraith, BIBA’s chief executive, said that the insurance sector was not responsible for the financial crisis and its reputation with clients remains very positive.

Galbraith highlighted BIBA’s key regulation issues saying that since launching their research into the future of regulation that it has opened a dialogue with the regulator to achieve more appropriate, proportionate and cost effective regulation.

Client money and Threshold Condition 4 (adequate resources) were highlighted as “crucial”” issues that require work from the sector and the regulator to achieve better regulation.