Influencing the future: that sounds familiar!

It’s difficult not to let my mind wander as the wind howls round BIBA House and the rain beats on its windows (just like being in Scotland). This time last week I was in Madrid with its warm sunshine and its laid back vibe. It’s hard not to make an unfavourable comparison.

Not that we got to enjoy the delights of Madrid, I hasten to add. We were too busy at the European Federation of Insurance Intermediaries’ (BIPAR) mid-term conference, where we had been invited to give a presentation on how intermediaries in the UK were dealing with conflicts of interest.

It was a well managed conference, which brought together interested parties not only from Europe, but from Africa, the US, Latin America and Asia Pacific to discuss the insurance industry and intermediation in particular. Discussions served to highlight that while we may all be in the same profession there are still so many differences between countries ranging from what stage of development a particular intermediary market is in to how we actually go about our daily business.

Even in Europe, where there have been efforts over many years to harmonise and create a single financial services market the differences are still marked. Naturally enough the many ways in which the Insurance Mediation Directive has been implemented across Europe was a subject for much debate.

There is a suggestion the European Commission is considering a possible review of the IMD. We at BIBA do not believe it right or necessary to have a review of the IMD when certain jurisdictions have not long implemented the legislation. BIBA and BIPAR’s viewpoint is that the intermediary profession and the wider industry needs an adequate period in which to get used to the directive and its requirements without facing the prospect of further legislative changes. We need to take a breather, allow intermediaries to get used to working within the constraints of the legislation, before we consider any review.

BIPAR had also arranged presentations on a variety of current issues by speakers from other countries and importantly from Karel Van Hulle, EU head of unit, Insurance & Pensions, Internal Market DG; Sean Greenaway, EU DG Competition, Unit “antitrust: financial services”, case handler; Victor Rod, chairman of the Insurance Mediation Expert Group of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). It may not sound too exciting and it is a world away from the day-to-day management of working in an insurance broker but the potential adverse impact for our sector of the issues discussed without BIBA and BIPAR’s influence and lobbying is considerable.

We will continue to campaign hard not just at home on these matters, but also abroad to ensure that our members’ views are heard, particularly as Europe is becoming increasingly important in terms of where our legislation is coming from.

On a final note, I have tried to shy away from commenting on sporting events in my blogs for fear of inciting internecine rivalry, but as a red-blooded Scot I could not let the exertions of my compatriots in the rugby at the weekend go unmentioned. Let’s face it – it does not happen too often these days.