BIBA: FSA is bureaucratic and regulation disproportionate

The UK’s regulation of insurance brokers is “disproportionately bureaucratic” and out of line with the rest of Europe, said Eric Galbraith, chief executive of British Insurance Brokers Association (BIBA). Speaking at the association’s annual conference, Mr Galbraith said insurance brokers pose a low risk to the regulator and policyholders but the cost of regulation continues to increase, putting the future of some insurance brokers in danger.