Home insurance providers offered advice
BIBA (British Insurance Brokers Association) has issued its latest update to advise members on how they should manage conflicts of interest.
The advice has been developed with two firms of solicitors, O'Connors LLP and Steeles (law) LLP, and through consultation with a representative sample of BIBA members and the FSA (Financial Standards Authority).
Steve White, BIBA's Regulation and Compliance Manager, said: "It is no longer sufficient to have informal management controls to deal with potential conflicts of interest. The case for brokers to carry out a detailed review of their policies, procedures and strategy is an increasingly compelling one."
The advice covers a number of areas including profit share agreements, corporate hospitality and gifts, and training support.
Brokers now need to show their conflict management programmes meet a number of criteria including having to be fully susceptible to scrutiny by the FSA.
The BIBA "Guide to Managing Conflicts of Interest" is free to members and available on the organisation's website.
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