Should Biba hire an insider as its new chief?

Per Ardua, the headhunting firm hired to find the replacement for long-standing Biba chief executive Eric Galbraith, may not have to cast its net too far.

There are some strong candidates on the current executive team who would be good choices to take the organisation forward and make sure that UK brokers are well represented.

If a strong voice is what is needed, Per Ardua arguably need look no further than Biba corporate affairs head Graeme Trudgill. He leads the association’s lobbying efforts in the UK and Europe and has worked tirelessly to ensure the needs and concerns of brokers are heard.

This part of Biba’s work will be particularly important, as brokers are continually being sidelined or lumped in with insurers or other non-insurance financial services. Much remains to be done to make politicians realise brokers’ role and the value they add to transactions and people’s ability to find suitable insurance coverage.

While representation is important, arguably, the biggest concern for Biba members will be regulation, particularly as the new regulator, the FCA, has vowed to shoot first and ask questions later. An encyclopaedic knowledge of the rulebook is required to help brokers ensure they stay on the right side of regulations.  

If there is one man in the industry who can claim to have this skill, it is head of compliance and training Steve White. His ability to pinpoint parts of regulations that apply to brokers and interpret the effects of new rules has stood the organisation in good stead and has given the industry confidence.

Given the importance of both Trudgill’s and White’s area of expertise to brokers, Biba might want to consider having the two as co-chief executives to get the best of both worlds.

The slight danger here is that in taking the top job, Trudgill’s and/or White’s attention may be taken from roles at which they have proven adept. However, it would ensure they are on hand to help and advise their replacements and ensure continuity that way.

An ideal candidate would have been current chairman Andy Homer. However, he has ruled himself out.

Of course, Biba may decide to bring in a brokers’ champion from outside. However, it might find its choices limited. It may be possible to attract a retired broker champion or even an industry outsider with solid leadership skills and a record of effecting change in another industry.

But perhaps Biba would be better served by appointing a proven insider.