Following a clear mandate from its members, the British Insurance Brokers’ Association (BIBA) recently published a voluntary code of conduct for its members (the Code), which is intended to allow“BIBA to lead the way in interpreting the Financial Conduct Authority’s Principles for Businesses, the CII’s Code of Ethics and to lead the standards debate for the benefit of members and their customers”. BIBA has commenced discussions with the Insurance Brokers’ Standards Council with the long-term aim of creating a single voluntary code of conduct for the market, which it hopes to publish before Spring 2016.
BIBA’s chief executive, Steve White, told delegates at the BIBA 2015 conference that the Code would“codify existing requirements rather than creating new obligations”. The Code is broken up into four principles, covering regulation, conduct, client-care and professionalism, together with a brief description of the expectation.
The full text of the code of conduct can be found here:http://www.biba.org.uk/UploadedFiles/1341bibacodeofconduct2015.pdf.