The British Insurance Brokers’ Association (BIBA) has unveiled its long-awaited voluntary code of conduct for members.

Now it wants to go one step further and create an industry-wide broker code.

CEO Steve White presented the code at the opening of the BIBA conference in Manchester last week.

He revealed the association is in talks with the Insurance Brokers’ Standards Council about combining to develop a single voluntary code.

A joint working party has been established, and Mr White expects “matters will be finalised well before we meet again at BIBA 2016”.

Financial Conduct Authority CEO Martin Wheatley told the conference BIBA’s code of conduct “echoes” consumer-protection provisions in the regulator’s “principles for businesses”.

“Initiatives such as this demonstrate the important role organisations such as BIBA can play in raising industry standards to help ensure good consumer outcomes,” Mr Wheatley said.

BIBA’s voluntary code stems from a strategic review in 2011.