London market brokers will be given clearer advice on how to deal with transferred clients under new proposals.
Insurance Times under-stands that the London Market Brokers Committee (LMBC) intends to draw up guidelines to help members when a contract is terminated by a client and the account is transferred to another broker.
The plans follow an announcement earlier this year by Biba that it too would be looking to draw up similar guidelines for the provincial market.
Peter Staddon, head of technical services at Biba, said he had passed on his research paper to the LMBC for consideration.
He said: "Obviously there are specific guidelines that will be relevant to the London market that won't be relevant to the provincial market and visa versa.
"But as long as there is a consensus of opinion then we can come up with some workable guidelines for the market."
Issues that will be looked at under the proposals will include performance of contract, trading relationship between the new broker and the insurer, outstanding claims, as well as payments and commission.
"We need a protocol for dealing with claims, accessing information and making sure that we know what type of business we are dealing with when sorting out finance, such as premiums, returns and commissions," Staddon added.
"They may seem like silly little things but they're the kind of things that can take up so much time.
"But, if [these guidelines] make the market walk the same line then that has to be a good thing."
Staddon said he expected further discussions with the LMBC in the coming months before taking recommend-ations back to Biba's insurance partners and technical committee.
