The Tentacle


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Not so much a code...

Given that British Insurance Brokers Assocation was founded in 1977, it is at least a little surprising that the organisation has not long ago established a code of conduct for its members to adhere to.  And, stranger still - 47 years on - that BIBA should announce its intention to develop a code that members may sign-up to on a voluntary basis.

If there has been no overwhelming case for a code of conduct over the past 47 years and, finally, one is being pitched as an optional add-on, then what exactly is the point of it?  Not so much of a code, therfore, more a set of guidlines.  Captain Jack Sparrow would appreciate the distinction I am sure.

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... but, is it a profession?

I would contend that insurance broking is not a profession and general insurance advice does not consitute a financial service.

Misconceptions in both respects stem, I believe, from over-exposure to the local newspaper during our formative years. I certainly remember local solicitors, accountants and brokers featuring periodically in the Folkestone & Hythe District Herald following their departure to Brazil with a suitcase full of other people’s money.

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