Biba welcomes new FCA report

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Biba welcomes new FCA report

Mon 16th Jan 2012

The British Insurance Brokers' Association (Biba) has welcomed the latest Treasury Committee report on the new Financial Conduct Authority (FCA).

Eric Galbraith, Biba chief executive, said this new report is the perfect opportunity to ensure the right legislation is in place with the creation of this new body to ensure the issues and problems of the past are not repeated in the future.

He commented: "The Treasury Committee should be applauded for the breadth of this report. The formation of the FCA is a real opportunity to get the right regulation in place."

Mr Galbraith added despite the fact the insurance sector delivers around one percent of UK GDP each year, the industry has suffered from an overly stringent system of regulation in the past.

Meanwhile, the introduction of the new Reform Bill could have a significant impact on couples across the UK, with this group set to see a fall in pension contributions of up to £100 per week under the new legislation.

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