Regulation - British Insurance Brokers` Association

British Insurance Brokers’ Association
BIBA’s activity and
achievements 2014/15
www.biba.org.uk
Member helpline:
0844 77 00 266
BIBA’s key achievements
regulatory and
technical updates
MP/MEP/MSP
& Government
meetings
FCA, FSCS and FOS
meetings
British Insuran
ce
Achieved good balance
with Competition & Market
Authority results for
members including a ban
on wide most-favoured
nation parity clauses from
comparison sites
Launched the BIBA/
Acturis Insurance Price
Index, enabling members to
track insurance premiums
Following consultation,
BIBA members gave a
mandate for a voluntary
code of conduct
Launched a cross
industry apprenticeships
programme with Minister
Matthew Hancock MP and
agreed a new apprentice
standard
Met with Head of Number
10 Policy Unit Jo Johnson
MP about flood issues
Worked with Money
Advice Service, Which? and
other consumer groups to
promote broker services
Produced the new Small
Business Insurance for
Dummies guide for members
to share with their clients and
an insurance guide for the
voluntary sector
Produced a guide to
promote brokers in MP's
offices and launched a
pro-broker video at the
Labour and Conservative
party conferences, which
members can use on their
websites
LAUNCHED three new
schemes: Event Insurance,
Claims Advocacy Service
and Engineering
Published four broker
guides for members
on Consumer Credit
Regulation, Cyber Risks and
the Sharing Society
orked with 18 different
W
areas of Government
to protect and promote
member issues
Launched 2014
Manifesto at a parliamentary
reception in the House
of Commons entitled
“Delivering for our
customers”
Lord Hunt of Wirral
appointed as new BIBA
Chairman
Q
5,689
Influenced Law
Commission work on
proposed new Insurance
Contracts Act
ew governance structure
N
implemented, involving
creation of five advisory
boards and a new main
board
INFLUENCED Insurance
Mediation Directive
progress in Europe
Q
registered attendees at BIBA2014
28
TV and radio
interviews
2014
UARTE
4
www.biba.org
.uk
Member helplin
e:
0844 77 00 266
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09:40
As well as being
proud BIBA
members, we’re also
regular attendees of
the BIBA conference.
Quite simply, there is
no other event like it
and the opportunities
to network and do
business are limited
only by how many
people you can
physically meet over
two days.
Peter Foster,
Hugh J Boswell
romoted the benefits
P
of using brokers on ITV,
BBC Radio Four, You and
Yours, ITV’s Daybreak, BBC
Breakfast, BBC Radio Five
Live, BBC's Don't Get Done
Get Dom, Skynews, BBC
Radio Four Moneybox and
BBC Newsnight
Added a non-executive
director to our main board –
Teresa Fritz
UARTE
3
2014
Revealed new research
showing negative impact
of FSCS fees on insurance
brokers
Attended the
Conservative, Labour and
Liberal Democrat party
conferences lobbying on
key issues
UARTE
2014
Q
Hosted a meeting with
senior executives at
the regulator to discuss
research on the cost of
regulation
Helped develop and
launch MyLicence initiative
R
FCA AcTION was taken
on our Manifesto concerns
in a Thematic Review, that
comparison websites are
not meeting customer
expectations and must
change
Represented members
to the FCA regarding eight
thematic reviews
UARTE
R
Following months of highprofile lobbying, 2014’s
FSCS bills were reduced by
nearly 40 per cent compared
to those originally proposed
in the FSCS budget
c1o m p l i a n c e
rules
2
2014
Q
A few examples of how BIBA has promoted, protected and
represented members' interests in 2014:
Regional Events &
Compliance
Forums
Brokers’ Ass
ociation
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John Close,
AA Insurance Services
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BIBA’s increasing
profile, both in
the media and
political arenas has
boosted the wider
understanding of
the benefits of using
a broker and has
helped to shape
Government policy to
the betterment of its
members.
Our membership
of the trade body
is important to the
AA as it allows us
as a sector to speak
with one, unified
and amplified
voice – an essential
part of getting our
messages heard.
That’s why we need a
BIBA.
BIBA’s parliamentary reception
with Jonathan Evans MP,
Sajid Javid MP, Steve White,
Graeme Trudgill and Lord
David Hunt of Wirral.
26
Government and FCA
consultations
Statistics are correct up to 6 October 2014
350,000
Customers used BIBA to Find a Broker in 2014
Some benefits of BIBA membership
Being members
of the biggest
insurance trade
association, allows
Fenchurch to
take advantage of
important issues
which can affect
my business,
most importantly:
compliance advice
and access to
knowledgeable
staff who I can use
as an extension of
my business when
I need them. It’s all
about being part of
a bigger team.
Paul Smith,
Fenchurch Private Clients
BIBA always puts the needs and aspirations of its members
first, being a not-for-profit organisation. BIBA’s board consists
of practising brokers and intermediaries, both large and small,
who ensure that the association is run for the benefit of its
membership.
Included within your membership:
u high level representation with Government, the regulator,
stakeholders and media
u compliance support and guidance
u technical support and guidance
u promotion of brokers and lead generation through an online Find a
Broker search
u dedicated members’ only section of the BIBA website
u quarterly members’ publications – The Broker Magazine and
Compliance Rules
u regular communications including annual professional indemnity
guidance, industry updates, and regular email bulletins
u access to training courses through the CII Broker Academy
u access to Regional Compliance Forums and regional networking
opportunities where members can receive CPD (Continuous
Professional Development).
Member savings
u Broker ASSESS – Discounted online training and competency
programme
u unique schemes and facilities with exclusive commission levels and
enhanced benefits
u part-funded Sanctions Search facility
u free access to BIBA's national conference and exhibition
u funded Standard and Poor’s insurer ratings facility for smaller
brokers
u legal helplines and services – 24/7 free legal advice line including
free online legal information and precedent legal document
website.
British Insurance Brokers’ Association
8th Floor, John Stow House, 18 Bevis Marks, London EC3A 7JB
Find a Broker service: 0870 950 1790 u Member helpline: 0844 77 00 266
Fax: 020 7626 9676 u [email protected] u www.biba.org.uk