Stuart Reid to speak up for larger brokers on new Biba board

Bluefin executive director Stuart Reid has been named chairman of a new Biba advisory board representing brokers with annual turnover of more than £1m.

Oval chief executive Peter Blanc has been named deputy chairman of the larger brokers’ advisory board.

As chair of the new advisory board, Reid will also represent larger brokers on Biba’s main board.

The formation of the new large broker board is the first of five new boards that will be set up. Biba said a further four advisory boards will be set up in due course “to reflect different but vitally important segments of the Biba membership”.

The creation of the new boards follows the overhaul of Biba’s governance structure, which members approved in October last year.

The change divides Biba members into four 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.

Reid told Insurance Times: “We are looking forward to getting stuck in and representing those larger regional brokers.

“I do feel that the larger brokers sometimes have slightly different requirements to the rest of the market.

“We have had a lot of attention from the FSA over the years and it is now time for us to take the lead on some of the matters across the market. There are some issues that are perennial that cause issue for the slightly larger broker and we will be delighted to take those up and champion them when they arise.”

Biba chief executive Steve White said in a statement: “We have had a fantastic response from members wanting to be involved in Biba’s new governance structure. The launch of the larger brokers’ advisory board is an important step in delivering the recommendations of our strategic review and we will continue to drive forward the development of our new structure.

“We have some key players from larger brokers involved, many of whom have not held formal roles within Biba before.”

Blanc added: “I’m really excited to be part of this board - larger brokers have a key part to play in ensuring fair play for consumers and a strong voice with our regulator. Being vocal within Biba is the right way of driving these messages.”