BIBA warns Osborne against taxing protection in Budget

Published on

The British Insurance Brokers’ Association (BIBA) wants risk management and insurance protection to be recognised in next week’s Budget.

It believes such an approach would assist growth and business resilience.

In its submission to the Chancellor, Eric Galbraith, BIBA’s chief executive highlighted the value of general insurance brokers in helping both individuals and businesses protect themselves through good risk management and insurance protection.

Galbraith stated that this value is being eroded through inappropriate, disproportionate and costly regulation which impacts both the general insurance broker and their customer. On the change of regulation to the Financial Conduct Authority (FCA), Galbraith said that this was the opportunity to create the right regulation and to recognise the difference between banks, insurers, and general insurance brokers.

In the Budget submission, Galbraith said the failure of credit intermediaries has led to a 50-fold increase in general insurance brokers Financial Services Compensation Scheme (FSCS) levies. Galbraith has called for the FSA to “urgently progress”” its review of what BIBA regards as the fundamentally flawed funding of the FSCS to ensure that general insurance brokers are not paying for the mistakes of others.

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...