BIBA's 2023 Manifesto zeroes in on the cost of regulation

Within the manifesto, launched yesterday (24 January), BIBA called for the Financial Conduct Authority (FCA) to reduce both the "disproportionate burden of regulation" and authorisations backlog. Research by the association showed direct regulatory costs for brokers have jumped 40% from 2019, and overall direct and indirect costs are equal to 8.1% of insurance mediation fees and commissions. The triennial research, run by London Economics, revealed that most survey respondents reported that direct and indirect regulatory costs jumped by over 25% since 2016. The association also hig...