Guide to improve broking standards has been launched at the Biba conference
The British Insurance Brokers’ Association (Biba) has launched a guide to help brokers understand more about what good broking practice is.
The guide focuses on:
- Roles and responsibilities
- Corporate Governance
- Business protection
- Market practice
The launch follows a survey of brokers by the Insurance Brokers Standards Council (IBSC), which is part of Biba, on bad practices in the market they are concerned about.
Biba says the guide will be a constantly evolving manual for brokers to use in many aspects of their business and will be added to and adapted as legislation and accepted good practice changes.
IBSC chair Paul Anscombe (pictured) said: “This guide gives a framework which will allow brokers to set a benchmark for good practice in all areas of the business.
“As well as input from practising Biba member brokers it draws on external sources for guidance including the FCA rule books and legislation and I’m particularly pleased that we have had input from the CII who are part of the committee.
“I am passionate about standards and I believe this guide will become invaluable in helping brokers to show their added value.”
Biba executive director Graeme Trudgill added: “The guide builds on existing content and materials making these easier for members to access in the context of good practice.
“We have also commissioned and developed entirely new sections such as our guide to agency law and a coming section on terms of business arrangements where we are looking to get market agreement on many common clauses.”