The British Insurance Brokers&rsquo; Association (BIBA) has urged the UK Chancellor to simplify the regulatory framework governing insurance brokers. The group argues that excessive compliance demands are hindering growth, especially for small and mid-sized firms, and stifling their ability to serve clients effectively.
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BIBA&rsquo;s Concern
BIBA&rsquo;s Chief Executive, Graeme Trudgill, stated that the industry is facing unnecessarily complex and costly regulatory processes. While not calling for deregulation, BIBA is advocating for smarter, more proportionate rules that align with the operational scale of different brokerages.
&ldquo;We support effective oversight, but the current model places an unfair strain on smaller brokers without clear benefit,&rdquo; Trudgill explained.
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Why This Matters
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BIBA&rsquo;s Proposals
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What Lies Ahead
The UK Treasury has acknowledged the concerns and is expected to review BIBA&rsquo;s recommendations as part of upcoming financial services discussions. If accepted, these changes could ease operational strain and encourage long-term investment in the sector.

The British Insurance Brokers’ Association (BIBA) has urged the UK Chancellor to simplify the regulatory framework governing insurance brokers..

BIBA Pushes for Regulatory Relief for Insurance Brokers