FSA must continue to maintain customer choice and access to advice
Eric Galbraith, chief executive of the British Insurance Brokers' Association (BIBA) has called on the Government to recognise the value of the insurance industry to the economy at large and to help the sector respond to the global challenges that it presently faces.
Speaking at the annual BIBA conference held in Manchester, Galbraith stated the case that an insurance sector in good health is crucial to rebuilding the health of the UK economy.
Addressing those present from the insurance industry on the first day of the conference, Galbraith urged the industry to not only work more closely together, but to speak with a single voice. He said: "BIBA has three key messages over the coming year: to the Government - you have a winner in the insurance sector so value it as we have the X Factor you need; to the regulator, stop using a sledgehammer in order to crack a nut - proportionate, cost-effective regulation is what the insurance sector is in want of, and soon; and to the insurance sector - we must speak together with one voice in order to protect our industry, and better serve our customers."
Galbraith also urged the Financial Services Authority to not lose sight of the low risk that he said insurance brokers pose to consumers and the economy. He warned those present that any further costly regulation will ultimately reduce customer choice and access to advice at a time when those things are needed most.
He also told the conference that the response to the events of the last year from the industry, the Government and the Regulator will shape much of the next 10 years for the insurance industry. The conference was held at Manchester Central, formerly GMEX Centre, although it is reported that next year's event will be held in London.
