Insurtech UK response to Government action plan to ensure regulators support growth

Insurtech UK has issued a response to the Government’s action plan, announced this week, to cut red tape and kickstart growth.

Chancellor Rachel Reeves met regulators in Downing Street on Monday (17 March), where she presented plans to reduce complexity in the regulatory system, with the intention to save businesses money and boost Britain’s status as the place to do business and drive economic growth.

Melissa Collett, Insurtech UK CEO, said: “Insurtech UK echoes the Government's ambition for a regulatory system that encourages new investment, innovation, and growth.

“Commitments to review and refine authorisation processes are a welcome response to issues we have been raising directly with both Government and regulators alike. Accessing regulatory approvals should help, not hinder, a start-up or scaling company's growth. Delays impact funding runways and a firm's ability to progress – whether they affect smaller steps like opening a bank account or present significant barriers in securing further investment.

“We look forward to continuing to engage proactively with the FCA, PRA and HM Treasury on these matters that impact our members. Greater prevalence of ‘minded to approve’ indications, more case officers and more dedicated supervisors for early and high-growth firms should aim to aid and accelerate the currently complex journey firms find themselves having to navigate.

“It is a shared goal with Government that innovative insurtechs have an accessible and achievable route to regulatory approval here in the UK.”