We believe that for our sector a key aspect of the regulators’ secondary growth and international competitiveness objective is greater regulatory proportionality as this helps improve firms’ productivity and growth capabilities while also encouraging investment in the UK.
The FCA’s first annual report on this objective was interesting but did not provide much comparison to regulators internationally (e.g. on target timeframes to approve/reject applications for authorisation). Such comparisons would enable more informed understanding of the attractiveness of the UK for a financial services business location.
During 2024 we have engaged closely with BIBA and its members to get a first-hand understanding of the challenges they face as regulated businesses. A healthy, thriving broking industry is in everyone’s interests, most importantly, customers. We are committed to working with the sector to deliver proportionate regulation, while making sure that the shared goal of good customer outcomes remains paramount.
Matt Brewis
Director, Insurance Financial Conduct Authority