Code of conduct for brokers: a bumpy code ahead?
We look at the proposed introduction of a code of conduct for brokers and what it will really mean for the brokers’ market.
Brokers’ duties have come into sharp focus over the last few years. That focus has caused the British Insurance Brokers’ Institute (BIBA) to consider the introduction of a new code of conduct for its members. While the proposal is still at an early stage, it has already sparked considerable debate within the insurance sector. So how likely is it that the proposal will come into force and, if it does, what will this mean for brokers?
In May 2012, BIBA, which represents the interests of insurance brokers, intermediaries and customers, selected Deloitte to undertake an independent review of its operations. The decision to carry out the review was taken following BIBA’s merger with the Institute of Insurance Brokers and a full membership survey…
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