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UK insurance brokers urge streamlined rules amid low approval rates

( July 14, 2025, 00:02 GMT | Official Statement) -- MLex Summary: UK insurance brokers have asked the finance ministry to consider streamlining rules, ahead of Finance Minister Rachel Reeves' annual Mansion House address. In a letter to Reeves, the British Insurance Brokers’ Association said that only two firms were approved by the Financial Conduct Authority in the first quarter of 2025, compared to dozens that “threw in the towel.” In the letter, BIBA chief executive Graeme Trudgill told Reeves that regulators must be instructed “with clearing out the garage of the highly prescriptive rulebook that currently makes the UK the most expensive place in the western world to operate as an insurance broker.”Statement follows....

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