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Insurance -
Biba publishes customer fairness information - 05/10/2007
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New guide to management information has been issued by the British Insurers Brokers' Association (Biba), in an effort to ensure that all insurance customers are treated fairly.
Biba's move follows guidance on the subject published by the Financial Services Authority (FSA) earlier this year, which required insurance firms to provide evidence of fair customer outcomes by next December.
Head of compliance and training at Biba Steve White, announcing the guide, said: "members may already be collecting a wealth of suitable information about their firm through their existing compliance reporting or market and customer research exercises.
"Often it is sifting through the sheer volume of information collected to decide what is the most useful…that is causing members most difficulties: this guide is designed to make that task easier."
Chief executive of Biba Eric Galbriath added: "This is yet another example of how Biba is using its collective expertise to support its members in the changing regulatory environment.
"Members would do well to take this guidance on board."
Copies of the guide, which provides brokers with extra detail about the FSA's new regulations, are available to members on Biba.org.uk.
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