Biba has launched a conflict investigation service for its members that will help them to identify any potential conflicts of interest and to review their procedures for dealing with these.
The service will also help them to ensure that they are fully compliant with FSA regulations in this area.
The service will be delivered by law firms O'Connors and Steeles.
The budget for an investigation will be determined by the precise needs of each member's business, identified and confirmed during a half-day scoping meeting at a fixed price of £750, plus VAT and reasonable expenses.
Eric Galbraith, Biba chief executive, said: “Brokers need to ensure that they carry out a detailed review of their procedures for managing conflicts. If they don't, they could not only fall foul of FSA regulations, but they could also face litigation from consumers.
"We are committed to helping our members ensure that their business models are in order for the new, regulated environment.”
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