In a previous post, we explained what it means to be a Chartered Insurance Broker, a prestigious title awarded by the Chartered Insurance Institute (CII). We briefly touched upon the work required to become a member of such a professional body and the fact that only fewer than 100 firms within the UK actually qualify to use this designation. In this post we thought we’d clarify what it means to be an independent financial adviser and also discuss another professional body we belong to, the BIBA & IIB.
What it means to be an Independent Financial Adviser
To be fully independent, we must offer clients financial products from the ‘whole of the market’. This means we do not have ties to any specific product providers, insurance companies or fund managers therefore ensuring any advice we give you is genuinely right for your needs and constitutes the best option(s) available to you.
The BIBA & IIB
PK Partnership was originally set up by our founder Prakash Patel as an insurance brokerage firm, in fact, insurance is still a core specialism of ours. Maintaining professionalism and best practice at all times is what we have strived to do from the very beginning, so it made sense that we join the British Insurance Brokers Association and the Institute of Insurance Brokers (BIBA & IIB).
BIBA and IIB have recently merged and operate as a single identity. Their aim is ensure consumers received the best insurance advice and products as standard. Their membership rules specify the following:
> All members of the Association must maintain professional standards at all times.
> BIBA members shall therefore comply with the fundamental principles governing the professional conduct of insurance brokers or intermediaries.
> When a member is part of a group of companies which includes other insurance brokers or intermediaries then those other insurance brokers or intermediaries must also be members of the Association. Any breach of this rule will be referred to the BIBA board.
As a consumer, you can visit their website for general insurance information. For more information about BIBA as an organisation, you can download and read their 2013 Manifesto to learn more about their values and their role within the UK’s financial services industry, here.
You’ll see on our website the logos of both the CII and BIBA & IIB. These logos are symbols of our professionalism, independence, ethics, competency and knowledge.
To learn more about our professional membership, designations and how we are truly independent, please contact a member of our team.