The British Insurance Brokers' Association is revisiting research it conducted in 2011 on regulatory cost for brokers with plans to expand its scope to include key insurance markets outside the UK and Europe.
The release of the work is expected to coincide with the launch of Biba’s 2014 manifesto in January next year and is being conducted with London Economics.
The previous research, carried out by Charles River Associates found that the cost of regulation for brokers in the UK was three times more expensive than the next most expensive EU country – the Republic of Ireland.
Graeme Trudgill (pictured), Biba executive director, told Post: “That is a significant issue for us because it is a burden. We have surveyed our members and found all sorts of issues that say [regulation] is restricting their ability to grow because they have got their eye on Canary Wharf and not as much on their customers.”
“What we are doing is reviewing the research from three years ago and we are refreshing it to make sure we know where we are now, is that argument still valid, and has the new regulator got a different approach to the old one,” Trudgill said.
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