Biba among trade bodies welcoming FCA’s regulation moves
The British Insurance Brokers’ Association has welcomed the Financial Conduct Authority’s commercial insurance regulation discussion paper, calling it a “positive first step”.
The FCA launched the discussion paper on the regulation of commercial and bespoke insurance business earlier this week.
The watchdog invited feedback on whether its rules strike an appropriate balance between safeguarding customers who need regulatory protections, and competitiveness in the commercial general insurance market.
It wants to protect commercial customers appropriately but not put unnecessary regulatory costs on firms or hit innovation, the watchdog claimed.
David Sparkes, regulation
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