Consultation will focus on ways to improve professional standards
Biba is to launch a consultation on professionalism later this year to raise standards across the industry.
The association is considering creating a code of conduct for members and the consultation will cover 12 key areas in the formulation of any new guidelines.
- The appetite of members
- Should any code be voluntary or compulsory?
- What could be included in a broker-to-broker code?
- What could be included in a broker-to-customer code?
- Existing FCA requirements, in particular FCA Principle 5 – that a business must observe proper standards of market conduct
- Do members want it to be conduct-based/ethics-based or practice-based?
- Present Chartered Insurance Institute codes and Chartered status
- Industry codes of practice from other countries and other professions
- What does and does not work in this area for other trade associations
- How a code could help brokers in a court or create unintended consequences
- How to apply a code to individuals working within a corporate member
- What would the benefits of a code be to members and their clients?
Biba chief executive Steve White said: “Raising standards of professionalism in the broking sector is the most important part of stage of our strategic review. I will be setting up a working group and have a member-wide consultation in the first quarter of 2014. I would encourage members to contact me if they would like to be involved. Biba’s new advisory boards have already shown significant interest in the pros and cons of a code for members.
“We have been discussing raising standards in various meetings and broker gatherings during the past few months. These discussions are helping us formulate a strategy to move forward to consult more broadly with insurance brokers. Any Biba code of conduct/ethics or practice between broker-to-broker or broker-to-client needs to be thought through carefully and our consultation will turn over all the stones necessary.”
The association is working on finalising the consultation paper and members of the working party.