The British Insurance Brokers' Association (BIBA) has highlighted productivity as a key focus in its 2018 manifesto, Engaging. It was launched in the Houses of Parliament to an audience of ministers, MPs, Lords, senior government officials, insurance professionals and media, by Nicky Morgan MP, chair of the Treasury Committee.
BIBA chief executive Steve White explained: "Of late, ministers have been very vocal about how UK productivity lags behind other countries, and BIBA is asking for government and regulators to engage with BIBA to achieve better balance between risk and regulation.
"Research has shown systemic risk does not arise from insurance brokers yet they and their customers are faced with a barrage of new instructions, rules, documentation and missives from one of the most expensive regulators in the world."
BIBA is calling for a period of stability in the rate of regulatory change; a global competition objective for the Financial Conduct Authority; and a focus on proportionate supervision for its low-risk sector.
To read the full BIBA manifesto, visit: bit.ly/2DzKYxr