The British Insurance Brokers’ Association (BIBA) and the Worldwide Broker Network (WBN) have signed an agreement that facilitates the introduction of BIBA member firms to one of WBN’s member firms in an EU member country, in order to ensure continuity post-Brexit.
The arrangement is scheduled to be launched to members by BIBA today, and is designed to enable companies to continue to work with EU domiciled clients after the UK leaves the EU, amidst widespread uncertainty surrounding the operating of financial services’ companies in a post-Brexit world.
WBN has at least one member operating in each EU country, which are reportedly all subject to checks on their regulatory status.
Graeme Trudgill, BIBA’s Executive Director, said: “In our survey of members last year we asked what concerns they had about the UK’s impending exit from the EU. One of the most common and worrying was the issue around continuing to help EU clients with renewals, claims handling and placement post Brexit. As soon as we had the results of the survey we began looking for a solution and working with WBN is the obvious choice.”
Founder and board member of WBN, Alec Finch, commented: “We were delighted to work with BIBA on this matter. We are still unaware of what provisions may be in place for cross-border trading and this arrangement makes perfect sense for UK based brokers. Importantly once the introduction is made the two broking firms will have complete control of their relationship and terms of business which means they can agree a collaboration that fits the clients’ needs.”
While BIBA’s Chief Executive Officer (CEO), Steve White, said: “This important agreement will provide some certainty and continuity to BIBA members and their EU clients in the absence of a trade agreement providing access to the single market. It’s an example of great synergy between two organisations responding to BIBA member concerns.”
