On 13 May 2015, the British Insurance Brokers' Association (BIBA) published a voluntary code of conduct for members.
The launch follows the completion of BIBA’s consultation ‘A Pathway to Raised Standards’ which showed that 70% of respondents want standards to improve. Speaking at the BIBA 2015 conference, the Chief Executive, Steve White, told delegates that the code would “codify existing requirements rather than creating new obligations, underpinned by guidance”. The code consists of four principles which echo the FCA’s Principles for Business. The principles are:
- Abide by all relevant laws, principles and regulations – understanding and ensuring we comply with regulatory principles and work within the law.
- Act with integrity and honesty – we should conduct ourselves in a fair, reliable, trustworthy and respectful manner with all our stakeholders.
- Act in the best interests of each client – we have a duty to act in a manner which pays due regard to the interests of each client and ensure decisions and recommendations are based on a clear understanding of their needs, priorities, concerns and circumstances.
- Act with skill, care and diligence – we act at all times with high levels of skill, care and diligence.
A related press release also states that the Insurance Brokers Standards Council (“IBSC”) and BIBA have begun discussions to join forces to create a single voluntary code of conduct and guidance for insurance brokers. Matters are expected to be finalised “well before” the BIBA 2016 conference.
The code of conduct can be read here.