British brokers have warned the burden of Financial Conduct Authority (FCA) regulatory reviews is hindering productivity and innovation.

“We contend that our productivity is significantly affected by one of the most burdensome and costly regulatory regimes on the planet,” British Insurance Brokers’ Association (BIBA) CEO Steve White told the group’s annual conference in Manchester last week.

“We are calling for a period of stability in the rate of regulatory change, with a pause on the continual influx of new FCA requirements and a focus on proportionate supervision for our low-risk sector.”

Brokers have had to consider 120 review papers in five years, including the 1240-page FCA second consultation paper on the Senior Managers and Certification Regime, he says.

“Seventy per cent of BIBA member firms have fewer than 10 staff and, for them especially, 1240 pages is just too much.”

Mr White also notes the need to keep pace with technological change, and says BIBA is developing a “dating service” to help brokers partner with insurtechs. Prototyping started after a cross-industry innovation group highlighted the problem of finding suitable technology partners.

The service is being developed with insurer Covea, with assistance from Broker Direct, and will be available through the BIBA website.

“The output of this work will benefit both insurtech firms and BIBA members in helping to embed technology-driven innovation within our industry,” Covea Director of High Net Worth and Commercial Lines Simon Cooter said.