The British Insurers Broker’s Association (BIBA) has published a voluntary code of conduct for its members.
It has also announced that discussions have opened with the Insurance Brokers’ Standards Council (IBSC) to explore how the two bodies can join forces to create a single voluntary code of conduct and guidance for insurance brokers.
BIBA states that a working party between the two organisations has been established and it is expected to finalise matters before BIBA’s conference in 2016.
The voluntary code stems from BIBA’s 2011 strategic review, which highlighted that BIBA should consider its role in the debate around raising standards.
Members have extensively engaged with BIBA on this issue and the new voluntary code is a codification of existing rules and requirements that are enforced and policed by the FCA and the Chartered Insurance Institute.
Martin Wheatley, Chief Executive of the FCA, states that the FCA welcomes the launch of the code of conduct, which echoes its own principles for business (PRIN) and will be a useful tool in clarifying both the FCA and BIBA’s expectations of insurance intermediaries.
Copies of the
- code; http://bit.ly/1G9IQpZ
- opening address and http://bit.ly/1K8f9rK
- press release are available. http://bit.ly/1AZgqZS
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