Direct and indirect regulatory costs faced by UK insurance brokers – May 2014

financial-markets-and-institutions||38
Sector: Financial markets and Institutions
Client: British Insurance Brokers’ Association
Published: May, 2014
Document type: Report 
Tagged: modelling stakeholder surveys and consultations EC/EEA other international UK

The study for the British Insurance Brokers’ Association (BIBA) quantifies direct regulatory costs faced by insurance brokers in 23 different jurisdictions and shows that such costs are the highest the UK and that regulatory fees and levies in the UK are more than five times those in New York, Japan, France and Germany. The research also shows that the cost of regulation for small brokers has increased from 3% three years ago to 4% of income now and that large brokers pay fourteen times the global average cost in comparison to other nations.