Voluntary code and guidance will be based on FCA’s principles and CII’s code of ethics
Biba is setting up a working group to develop a voluntary code of conduct for its members.
The move follows the completion of Biba’s consultation ‘A Pathway to Raised Standards’ which showed that 70% of respondents want standards to improve.
Chief executive Steve White said the broad consensus from members, of which more than half responded, was on working with the Chartered Insurance Institute (CII) to develop a voluntary code and supporting guidance that would not create new obligations for members.
The guidance and code, which will first go through a proposal stage, will be based on the FCA’s principles for businesses and the CII’s code of ethics.
White said: “Members have responded in record numbers to our consultation paper and for this we are grateful. We have been given a clear steer as to what members want from us and we will now press on with the next stage.”
“The FCA principles for businesses set out existing high-level requirements to act with integrity; with due skill and care; and to treat customers fairly, amongst other things. These are principles Biba members wholeheartedly support, so we will be looking to gain input and support from members in drafting a voluntary code of conduct based on these.”
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