In response to the HM Treasury’s consultation on draft innovation for financial services the association said it needed more support like the FCA’s Project Innovate, which offers firms a ‘safe space’ to test products without having to meet all regulatory requirements.
The FCA and CMA have prevented general insurance companies from innovating by constantly changing regulation, the British Insurance Brokers Association has claimed.
In response to the HM Treasury’s consultation on draft innovation for financial services the association said it needed more support like the FCA’s Project Innovate, which offers firms a ‘safe space’ to test products without having to meet all regulatory requirements.
It backed the Enterprise Act, which included the appointment of a small business commissioner to reduce red tape by £10bn over the next five years and help small firms tackle late payments.
Graeme Trudgill, BIBA executive director, said: “The recent Enterprise Act includes measures that will help reduce the regulatory burden on business and we hope that the FCA will be included in these measures.
“It appears often that regulators’ do not make best use of technology hampering fast moving firms that want to bring new products to market.
“BIBA members are forward thinking and insurance brokers are often the biggest innovators in financial services but they need the support and the infrastructure to make developments customer ready.”
