The Insurance Brokers Code Compliance Committee has criticised a draft update of the code of practice for failing to sufficiently elevate cultural and behavioural standards and has called for a stronger stance on conflicts of interest.
“The code must go beyond the law wherever possible,” the committee says. “For the code simply to restate the law is a waste of time, dangerous and misses the point.”
A discussion paper released earlier this year alongside amendments suggested by the National Insurance Brokers Association (NIBA) says proposed changes seek to extend standards beyond legal obligations.
