BIBA launches ‘A Pathway to Raised Standards’ member consultation

14th May 2014

The British Insurance Brokers’ Association (BIBA) has launched its consultation entitled ‘A Pathway to Raised Standards’. The consultation paper aims to gauge the level of support from BIBA member firms as to whether they think industry standards need to be improved, and if so, what is the best way to achieve this. 

Steve White, BIBA’s Chief Executive, launched the consultation at its annual conference in Manchester where he confirmed that having completed the segmentation and governance strands of BIBA’s strategic review, his attention had switched to the work stream looking at raising standards. 

Steve told brokers that his vision is to “promote a level of raised standards in our membership that puts us on a footing equal with other professional advisers.” And that his intention is “to work with members around the country and our newly appointed boards to establish a practical, pragmatic and long-lasting pathway to a prosperous future.”

BIBA’s Strategic Review identified that there is a groundswell of support for BIBA to explore its future role in raising standards. 

Steve said: “Any debate on raising standards is a healthy debate and we have been encouraged by the discussions there have been this year around the market on how best insurance brokers can work towards this.”

Graeme Trudgill, BIBA’s Executive Director, said: “The consultation will look to establish members’ views and consider the various pathways.  For example, BIBA’s level of commitment to the CII’s Code of Ethics, how best to develop the FCA’s 11 Principles for Businesses with a particular focus on Principle 5, a service level agreement or customer charter and even the option to codify industry best practice into a members’ code.”

Steve said that it is “essential that all members are involved as much as possible” in shaping how raised standards are achieved. The consultation paper is now available on the BIBA website and will be posted to the CEO of all member firms. The consultation will be open for three months.

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Notes to editors

  1. The consultation can be found here
     
  2. Click here for Steve White’s full speech
     
  3. For further information please contact:

    BIBA press office:
    Leighann Forsyth, Head of Communications
    07917 738 721
    forsythl@biba.org.uk 
     

  4.  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.