BIBA chief says groups will continue to work together on a market-led solution

Eric Galbraith, BIBA chief executive, has responded to claims the two groups are at odds over commission disclosure following the LMBC's calls to break away from its parent body.

A spokeswoman for the LMBC said yesterday that its board of representatives from 16 brokers had agreed in principle that a split from Biba might be suitable and that letters have gone out to all Lloyd’s brokers asking for their opinion.

Galbraith said: “Within BIBA, including our London Market Brokers’ Committee (LMBC) and our General Insurance Brokers’ Committee (GIBC), there are no policy differences on our approach to any issue.

“Specifically, on commission disclosure, BIBA and its LMBC has worked and continue to work together on a market solution in relation to the FSA’s discussion paper.

“Our position has remained unchanged over the last three years. We believe that the current rules and principles are sufficient.”

“BIBA continues to lead the sector on a market solution and this is supported by our London Market Brokers’ Committee, the Institute of Insurance Brokers (IIB), and the Association of British Insurers (ABI).”