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18th April 2016
In May 2015 BIBA announced its intention to open discussions with the Insurance Brokers ‘Standards Council to explore how the two bodies could join forces to create a single voluntary code of conduct and guidance for insurance brokers.
Steve White, BIBA Chief Executive announced today that the discussions have been fruitful and with immediate effect would create the BIBA Insurance Brokers’ Standards Committee. Paul Anscombe, Chief Executive Officer of Seventeen Group and Chair of the Insurance Brokers’ Standards Council will now chair the new committee and will join the BIBA board as a main board director.
Commenting on the agreement, White said; “I am delighted that our two organisations have agreed to come together to provide guidance on broking standards and conduct. Paul’s experience will broaden our board and the new BIBA Insurance Brokers’ Standards Committee will benefit considerably from the input of others from his council’s team.”
Paul Anscombe added; “I’m looking forward to formally becoming part of the BIBA team. 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.”
This agreement follows more than 10 months of discussion between the two bodies and heralds a single voice for brokers. BIBA Chairman, Lord Hunt of Wirral said; “This is a highly important move at a time of great change in our 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.”
White concluded; “I’m looking forward to the new committee coming together to set down this code, which was one of our 2016 Manifesto commitments. I would like to thank the previous members of and advisers to the Standards Council for their advice and guidance in this area, work that will continue to inform the creation of broking standards.”
ENDS
- For further information please contact:
BIBA press office:
Pam Quinn, Communications Manager
020 7397 0223
quinnp@biba.org.uk - About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes just under 2,000 regulated firms having merged with the Institute of Insurance Brokers (IIB) in November 2011.
General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.
54% of all general insurance is sold by an insurance broker and they arrange 78% of all commercial insurance business.
Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.
BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.
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