Majority of brokers want a compulsory code of conduct, poll finds

Brokers would welcome the FCA’s involvement in raising professionalism standards in the industry and want a compulsory code of conduct, according to an Insurance Times poll.

Some 85% of attendees at The Knowledge Live event in Birmingham last Thursday, held in association with Zurich, said it would be a good thing if the FCA was involved in the professionalism debate.

Only 10% felt that the FCA should not participate in raising standards.

Furthermore, 65% of those polled agreed that a new industry-wide code of conduct should be implemented on a compulsory or regulatory basis.

AIPS operations director Helen Ahluwalia, who attended The Knowledge Live, said: “We all feel that the FCA is going to become more and more visible in our industry.

“I think from a broker point of view the FCA needs to be on board in any debates or changes to what we are doing rather than us trying to do something that runs parallel to what the FCA wants from us.”

She added that a compulsory code of conduct was needed because not all brokers are operating at a suitably high standard. She said: “Those who are meeting the standard have no fear of a compulsory one coming in.”

Of those polled, 95% agreed that industry standards needed to be raised, with 45% saying that the CII should have primary responsibility for raising standards. Twenty percent felt that the job was down to Biba while 10% said it should rest with the Insurance Brokers Standards Council.

The final Knowledge Live of 2014 incorporated presentations from Zurich head of sales Stephen McKenna, Zurich learning and development manager Richard Smith, Insurance Broker Standards Council chairman Paul Anscombe, Biba commercial manager Chris Knott and regulation and compliance consultant Branko Bjelobaba, who gave the keynote speech.