The British Insurance Brokers’ Association (BIBA) urges the Chancellor to ease regulatory constraints on brokers due to the hindrance caused by over-regulation. BIBA highlights the decline in the sector, with fewer new authorizations compared to firms exiting in Q1 2025. A more balanced regulatory framework is sought to support growth and innovation.

BIBA stresses the need for a regulatory environment that encourages innovation and the establishment of new firms. The association believes that the Financial Conduct Authority (FCA) should focus on reducing complexity and supporting growth rather than simplifying rules. BIBA calls for bold action from the Chancellor to reset regulations for the betterment of the insurance broking sector.

In response to BIBA’s appeal, the FCA announced plans to update insurance regulations by eliminating outdated or redundant requirements from its rulebook. BIBA’s call for regulatory relief aims to strike a balance between consumer protection and economic growth in the insurance sector. The upcoming Financial Services Growth and Competitiveness Strategy presentation is pivotal in initiating this shift.

Read more at Yahoo Finance: BIBA appeals to Chancellor on regulatory relief