Members show support for voluntary BIBA code of conduct
16th September 2014
The British Insurance Brokers’ Association (BIBA) has taken the first step towards developing a voluntary code of conduct by re-establishing its working group. A proposal will be developed to allow BIBA to lead the way in interpreting the Financial Conduct Authority’s Principles for Businesses, the CII’s Code of Ethics and lead the standards debate for the benefit of members and their customers.
The move follows BIBA’s consultation ‘A Pathway to Raised Standards’ which shows that 70% of respondents want BIBA to lead the way.
The broad consensus from members, of which more than half responded, was on working with the Chartered Insurance Institute and developing a voluntary code and supporting guidance, whilst not creating new obligations for members.
Steve White, BIBA’s Chief Executive, said: "Members have responded in record numbers to our Pathway to Raised Standards consultation paper and for this we are grateful. We have been given a clear steer as to what members want from us and we will now press on with the next stage."
“The FCA Principles for Businesses set out existing high-level requirements to act with integrity; with due skill and care; and to treat customers fairly, amongst other things. These are principles BIBA Members wholeheartedly support, so we will be looking to gain input and support from Members in drafting a voluntary code of conduct based on these."
Notes to editors
1. For further information please contact:
BIBA press office:
020 7397 0231
2. About British Insurance Brokers' Association
The British Insurance Brokers' Association (BIBA) is the UK's leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes just under 2,000 regulated firms having merged with the Institute of Insurance Brokers (IIB) in November 2011.
General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.
53% of all general insurance is sold by an insurance broker and they arrange 81% of all commercial insurance business.
Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.
BIBA helps more than 400,000 people a year to access insurance protection through it’s Find a Broker service, both online and via the telephone.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.