{"id":262706,"date":"2025-05-29T14:38:16","date_gmt":"2025-05-29T14:38:16","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/insurance\/a-new-era-of-regulation-biba-responds-to-fca-consultation\/"},"modified":"2025-05-29T14:38:16","modified_gmt":"2025-05-29T14:38:16","slug":"a-new-era-of-regulation-biba-responds-to-fca-consultation","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=262706","title":{"rendered":"A New Era of Regulation \u2013 BIBA responds to FCA consultation"},"content":{"rendered":"


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A New Era of Regulation \u2013 BIBA responds to FCA consultation <\/strong><\/p>\n

In his opening address at the BIBA Conference 2025, BIBA CEO Graeme Trudgill has welcomed the FCA\u2019s new consultation paper CP25\/12 \u2018Simplifying The Insurance Rules.\u2019 \u00a0<\/em><\/p>\n

Referring to it as the culmination of BIBA\u2019s close and constructive work with the FCA, Trudgill explained that it will help towards \u201caddressing so many of BIBA\u2019s key member Manifesto regulation points\u201d.<\/p>\n

BIBA has long campaigned for more proportionate regulation for low risk insurance brokers and now the FCA is formally consulting on many of BIBA\u2019s calls. These include reducing the scope of the Consumer Duty to eligible complainants under the FOS, removing some of the specific ICOBS and PROD rules, and simplifying the Fair Value Assessment rules to give firms far more flexibility over what assessments are required and how frequently they need to be done.<\/p>\n

In addition to the consultation BIBA is supporting FCA\u2019s plans, as confirmed by their CEO to the Prime Minster, to introduce a more streamlined reporting process.<\/p>\n

Trudgill also confirmed in his speech that \u201cthe FCA has met with the BIBA Team and hundreds of our members, they have listened to our request for faster authorisations and have formally responded to us, setting out the improvements to be made, with a major programme of work underway to transform and move their authorisation forms onto a new IT platform.\u201d<\/p>\n

Trudgill also outlined that the FCA will also rationalise the number of forms required for authorisation, improving the user experience.<\/p>\n

Trudgill summarised the FCA\u2019s approach as \u201cthe partnership that our Manifesto speaks of and ultimately will help drive the government growth agenda\u201d.<\/p>\n

Commenting on the next steps, BIBA\u2019s Regulation Director David Sparkes said: \u201cThis consultation is an important step that the FCA has taken and we will engage closely with the regulator and our members, to provide a considered response to it.<\/p>\n

\u201cThe FCA\u2019s five-year strategy says the FCA wants more of the firms it regulates to have direct contact with them and the Insurance Supervision team is delivering on this by joining our Tour of the Regions events once more in 2025\u201d.<\/p>\n