New London market broker body gets the green light
Members of the London Market Brokers’ Committee (LMBC) have rubberstamped the plan to split from Biba and form their own organisation.
The new body, the London International Insurance Brokers’ Association (LIIBA), will be totally independent from Biba.
Biba said it would continue with the LMBC but would have to find new members and a new chairman to fill the vacant posts.
The committee’s members voted to set up the LIIBA at an extraordinary general meeting last Thursday. It will come into force on 1 January.
Jonathan Palmer-Brown, chairman of the new body, said: “The LIIBA’s role will be broadly the same as the LMBC at present, the main difference being that we will have a stronger focus on what matters to our members.
“The issues that concern regional brokers are mostly quite different, and this separation should ultimately increase clarity and improve our cost-effectiveness.”
Palmer-Brown said the LIIBA’s priorities would be to reform the London market and represent members’ interests with the wholesale insurance division of the FSA.
A spokesman for Biba said: “With regard to London market reform, Biba will continue to support Lloyd’s and the London market’s initiatives via our London Market Brokers’ Committee and region without any extra costs being levied on Biba members.”