Brokers across the country could soon be expected to comply with an official British Insurance Brokers' Association code of conduct.
The nature and potential implementation of an official set of guidelines will be discussed at a Biba board meeting later this month, where a number of ‘workstreams' will be put in place with a view to addressing other issues raised in the trade body's strategic report carried out by Deloitte.
Discussing the implications of the report this morning, Biba chief executive Eric Galbraith, pictured, confirmed that introducing a code of conduct will be given serious consideration ahead of a planned consultation process with regional members over the coming months.
"There are a number of different associations that consider a code of conduct and we will be looking at that in terms of what it means to be a member and what it means to be involved in the sector," he told Post.
"There is a responsibility on everybody and we have to look at that and decide whether a code of conduct is necessary.
"I wouldn't know what that would entail just yet, as all of the workstreams will be put in place at the next board meeting later this month and from there on the various issues will be studied."
UK broking bosses will be given the opportunity to offer feedback on the various suggestions raised in the Biba report, which include reviewing board governance and working more closely with other associations, before plans for official action are revealed at the trade body's London conference next year.
Responding to the recommendation to establish a code of conduct, Mark Elvin, Biba regional chairman for Yorkshire and Northern England, said that, while he would not necessarily be opposed to such a development, he believes the economic climate may make implementation difficult at the present time.
He told Post: "In principle it's a fantastic idea, but unfortunately you will always find that there will be rogue brokers that will act outside the code of conduct.
"Will a code of conduct work? The fact is we are all driven by cost and profit so, until we go onto a fee structure where everything is transparent, I don't think a code of conduct would help at this stage."
Elsewhere, Galbraith has come out broadly in favour of the report's finding that Biba needs to strengthen relationships with other industry bodies in a bid to promote a stronger voice when dealing with the government.
He added: "We try to work very closely with all relevant associations and bodies and we want to take it to the next level to make sure there is an even better communication. We've worked hard with the ABI, the CII, Lloyd's and all the other bodies around.
"We want to now put the matter on the agenda to see how we can get a more formal voice, because it's such an important issue. When you go to speak to government and they know that there are other groups with a different view it just confuses the position.
"On the other hand, if you go in with the backing of 3000 members, you've got a fantastic voice."
