The British Insurance Brokers' Association (BIBA) has thrown its weight behind two pieces of legislation flagged in the King's Speech for the 2026/2027 parliamentary session, with the trade body positioning the Enhancing Financial Services Bill as the legislative vehicle to lock in long-sought regulatory reforms.
Alongside the financial services measure, the King's Speech also set out a new EU Partnership Bill, which BIBA wants expanded to cover the financial services sector.
The Enhancing Financial Services Bill has sat at the top of BIBA's manifesto agenda and is intended to give legal effect to reforms set out by HM Treasury and the Financial Conduct Authority.
That includes the government's Leeds Reforms, aimed at trimming the regulatory burden across financial services, alongside the FCA's plans to streamline the UK's rulebook and simplify insurance rules under PS25/21.
The bill builds on BIBA's 2026 "Economic Resilience" Manifesto, launched in January, which set out 10 policy asks of government, the FCA and industry, with a Financial Services Bill positioned as the central demand to enact cross-cutting measures from the Leeds Reforms and HM Treasury's Regulation Action Plan.
Graeme Trudgill (pictured above), BIBA's chief executive, said the bill would allow previously announced reforms to move from policy to practice.
"The Enhancing Financial Services Bill is essential and it is extremely positive news. It means that the great work that has been announced to reduce regulatory inefficiencies, reduce the frictional cost of regulation and improve productivity can now be taken forward and become a reality," Trudgill said.
He argued that BIBA has long pushed for more proportionate regulation for what it describes as a low-risk sector, while keeping customer protections in place.
For BIBA members, Trudgill said the detail of the bill will matter. The association wants the legislation to deliver faster authorisations, reform of the Financial Ombudsman Service, removal of the Certification Regime from the Senior Managers & Certification regime, and a provisional licence regime for start-up firms.
"All of which will help boost the growth and competitiveness of the UK financial services sector," he said.
The London Market Group has also backed the bill, with CEO Caroline Wagstaff calling for clearer timelines for approvals, stronger performance KPIs and longer-term regulatory strategies, and tying the measures to the regulators' secondary growth and competitiveness objective introduced via the Financial Services and Markets Act reforms.
On the EU Partnership Bill, BIBA welcomed the government's renewed focus on the UK's relationship with the bloc, but is pressing for financial services to be brought into the scope of negotiations.
Trudgill said the commitment to reducing barriers with the EU was welcome, but warned that financial services must not be sidelined in the talks that the King's Speech has set in motion.
"We want Government to accelerate and expand negotiations with the EU to secure an agreement on financial services, starting with an agreement for Northern Ireland that mirrors the Windsor Framework on goods," he said.
BIBA said it would continue to represent members' interests and work with HM Treasury and the FCA as both bills progress through Parliament.
