Brokers will be asked their views on how best to develop the FCA’s 11 principles
Biba has launched its consultation today on professionalism to raise standards across the industry.
Called ‘A pathway to raised standards’, the consultation paper aims to gauge the level of support from Biba members on whether they think industry standards need to be improved.
Having completed the segmentation and governance strands of Biba’s strategic review, chief executive Steve White said Biba can now turn its attention to a debate on raising standards.
The consultation will ask for members’ views on Biba’s level of commitment to the Chartered Insurance Institute’s (CII) code of ethics, how best to develop the FCA’s 11 principles and a service level agreement or customer charter.
At the Biba conference, White 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”.
He added that Biba plans to work with members and the advisory boards to establish a practical, pragmatic and long-lasting “pathway to a prosperous future”.
“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,” White said.
The Biba consultation document is available on the trade body’s site. The consultation is expected to last for three months.
Insurance Brokers Standards Council
Earlier this month the Insurance Brokers Standards Council (IBSC) launched its own code of conduct, which aims to improve individual broking standards across the industry and is based around FCA principles.
The council was set up to address issues of bad practices, such as brokers making up a quote to win business, the poaching of broking staff and the use of unrated insurers.
Council chairman and James Hallam managing director Paul Anscombe said the IBSC code is likely to be similar to Biba’s code of conduct, but added the council exists to monitor the conduct of individual members while Biba is a trade body for corporate members.
White has previously said he welcomes the debate on raising standards, but thought this was best achieved through Biba.