BIBA appoints consumer advocate Teresa Fritz to its Board
1st September 2014
The British Insurance Brokers’ Association (BIBA) has appointed Teresa Fritz, a personal finance consumer advocate, as an independent Non-executive Director (NED). Teresa joins the main BIBA Board as the voice of the consumer, providing consumer insight into BIBA’s strategic decisions.
Teresa has worked within the personal finance industry for more than 35 years, for various product providers, as an adviser and for the consumer organisation Which? She is currently a member of the Financial Services Consumer Panel, and a consultant with the Money Advice Service.
Steve White, BIBA’s Chief Executive, said: “Insurance brokers have a strong consumer focus. In a post financial crisis world, quite rightly the regulator and the Government increasingly expect all firms across the financial services spectrum to have the customer at the heart of their thinking. With this in mind, along with the emphasis on the consumer within our Manifesto and our discussions with decision makers, we believe that it will make us even stronger by having consumer needs embedded at Board level.
“Our new advisory board structure has ensured that the main Board is fully representative of all sectors of membership, and with Teresa’s appointment, now the consumer. I applaud our Board’s decision to appoint Teresa.
“We believe Teresa will bring a new dynamic to the organisation and members will benefit as a result. This is another piece of jigsaw to further strengthen BIBA.”
Teresa said: “I am delighted to have been asked to join the BIBA Board at this exciting stage in the Association’s development. I have worked with BIBA during my time at Which? and the Money Advice Service so I now look forward to working even closer with the Association and its members.”
Teresa joins BIBA with immediate effect. This is the second NED position in BIBA’s history, following the appointment of Lord Hunt in November 2013. Lord Hunt’s elevation to BIBA Chairman created a vacancy for a NED. The decision to appoint NEDs is a result of BIBA’s comprehensive strategic review into the future of the association which, among other themes, examined the governance of the BIBA Board.
Notes to editors:
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2. For further information please contact:
BIBA press office:
Head of Communications
020 7397 0223
3. About the British Insurance Brokers' Association:
The British Insurance Brokers' Association (BIBA) is the UK's leading general insurance 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.
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.
Brokers provide professional advice to businesses and individuals, playing a key role in the identification, measurement, management, control and transfer of risk. They negotiate appropriate insurance protection tailored to individual needs.
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.