What are the standards for car insurance brokers?
The British Insurance Brokers Association (BIBA) is the leading organisation in the UK representing insurance brokers and their customers. Registered brokers need to adhere to strict operating practices and standards, much of which is designed to protect consumer interests. In order to register with BIBA as a car insurance broker, a company must meet certain criteria including:
- Registration with the Financial Services Authority (FSA)
- Independence from car insurance companies
- BIBA’s solvency and financial standards