On 13 May 2015, BIBA announced that it has launched its voluntary code of conduct for members and reported that it has begun discussions with the Insurance Brokers' Standards Council (through the establishment of a joint working party) with a view to ultimately achieving a single voluntary code of conduct and guidance for insurance brokers. In the press release, BIBA's Chief Executive noted that discussions are expected to be concluded well in advance of BIBA's 2016 conference. The code itself is comprised of four principles and has been welcomed by the Financial Conduct Authority.