Biba and AIFA may forge closer links

by Gill Montia

Story link: Biba and AIFA may forge closer links

The British Insurance Brokers’ Association (Biba) has indicated that it may be looking to forge closer links with the Association of Independent Financial Advisers (AIFA).

In the early part of this year, both organisations denied rumours that they could merge but about a fortnight ago the London Market Insurance Brokers’ Committee (LMIBC) announced that it was breaking away from Biba and setting up a new organisation.

LMIBC is a trade body representing the interests of Lloyd’s brokers operating in the London and worldwide insurance and reinsurance markets.

Its members are responsible for handling in excess of £25 billion of premiums through the London Market alone.

The move has led to speculation that Biba will be looking for a new partnership and according to a report in FT Adviser, Biba’s chief executive, Eric Galbraith, has stated that while there are some distinct differences between the general sector and the IFA sector, there would be potential benefits for the trade bodies to work closely together on issues such as the Retail Distribution Review.