The British Insurance Brokers' Association (BIBA) and the Insurance Brokers Standards Council (IBSC) have joined forces to create a single voluntary code of conduct and guidance for insurance brokers.
BIBA chief executive Steve White recently announced that the two bodies have formed the Insurance Brokers’ Standards Committee following 10 months of discussion.
White said the new committee, which heralds a single voice for brokers, will provide guidance on broking standards and conduct.
Seventeen Group CEO and IBSC chair Paul Anscombe will be the chairman of the new committee, joining the BIBA board as a main board director.
“This new framework provides an excellent opportunity to work with BIBA members and other experts to create a forward-looking framework of guidance for good practice that is both achievable and reasonable and created from member input,” Anscombe said.
BIBA chairman Lord Hunt said the formation of the new standards committee is a “highly important move” at a time of great change in the insurance sector.
“As a profession it is vital to signal to customers the high standards to which we operate and for our members it is key to have a clear and concise set of principles to work with,” he said.