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BIBA launches conflict investigation service for members

The British Insurance Brokers Association is today launching a conflict investigation service for members helping them identify potential conflicts of interest and ways to review their procedures accordingly.

BIBA will ensure brokers they are compliant with FSA regulations and the service will be delivered by law firms OConners LLP and Steeles (law) LLP, selected for their specialist insurance and inquiry experience.

The service will help brokers ensure they are treating customers fairly and will help manage potential conflicts in the following areas – profit share agreements, volume overrider agreements, corporate hospitality and gifts, claims handling and binding authorities, training support and soft loans.

The budget for an investigation will be determined by the needs of each members business and will cost 750 plus Vat and expenses.

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