In part one of this exclusive interview, Eric Galbraith explains the key issues on both BIBA's and the market’s agenda
In this uncertain time for brokers, BIBA's work, Galbraith argues is needed now more than ever. He dismisses claims that the organisation may have spread itself too thin, and insists that its focused approach is paying dividends.
In what he describes as the escalating "distribution war", Galbraith comments on the impact consolidation is having on BIBA's members and the significance of impending changes to laws on capital gains tax. Unusurprisingly unequivocal in his indictment of insurers who have attempted to poach broker's clients, Galbraith calls for better ethical standards in the industry - even if they cannot be enforced by the regulator.
Yet regulation, on two fronts, remains his focus. He urges the BIBA membership to engage with the FSA's recently issued Discussion Paper on conflicts of interest in the commercial market, while reiterating the organisations call for closer scrutiny of aggregators. He points out, however, that brokers can do more to work with aggregators to grow their business.
On the issue of commission disclosure, despite the mixed messages from the FSA, he argues that there is room for optimism, and applauds the market for making considerable progress in terms of moving the issue to its resolution.