Brought to you by:

UK brokers work on voluntary code of conduct

The British Insurance Brokers’ Association (BIBA) has taken another step towards developing a voluntary code of conduct for its members.

It has re-established a working group to create a proposal for interpreting the Financial Conduct Authority’s (FCA) principles for businesses and the Chartered Insurance Institute’s (CII) code of ethics, and to lead the debate on standards.

It follows a BIBA study showing 70% of members want standards to improve.

The association says the broad consensus of members, more than half of which responded, is for BIBA to work with the CII to develop a voluntary code and supporting guidance, without creating new obligations for members.

“Members have responded in record numbers to our Pathway to Raised Standards consultation paper, and for this we are grateful,” CEO Steve White said. “We have been given a clear steer as to what members want from us and we will now press on with the next stage.”

BIBA has retreated from a 2012 proposal for a compulsory principles-based code of conduct.

The FCA’s principles for businesses include requirements to act with integrity, due skill and care, and to treat customers fairly.

“These are principles BIBA members wholeheartedly support, so we will be looking to gain input and support from members in drafting a voluntary code of conduct based on these,” Mr White said.