Brokers vote in favour of Biba changes

Biba members have voted overwhelmingly in favour of changes to some of its regulations.

At its extraordinary general meeting (EGM) today, 119 members voted in favour, with four against.

The changes that will now be implemented under its Articles of Association include:

• A new model which separates members into five broad segments: small firms with a turnover of less than £1m; larger firms with a turnover of greater than £1m; networks, aggregators, MGAs and other distributors; and UK nationals, London market and international members. Each segment will have representation on the main Biba board with the small firm sector filling two positions (chair and deputy chair)
• The appointment of a non-executive director
• A strong regional focus with the regional chairs forming a Regional Chair’s Advisory Board. The chairman of this Advisory Board also sits on the main Biba Board.

The voting follows a 60-day consultation in July and August.

Chief executive Steve White said: “At the start of this review we promised to become a leading UK trade association for the 21st century, and we will now implement the changes to deliver this.

“It is not surprising that members voted overwhelmingly in favour of the changes because we have spent a lot of time engaging with them to understand and deliver exactly what they want.

“The strategic review is far from complete; we now have the challenge of taking forward these initial changes to ensure that we are as strong as possible for our members.”