Stuart Reid defends chartered status and urges larger brokers to join CII

Mr Reid, CEO at Bluefin, was responding to comments made by Brendan McManus at the British Insurance Brokers’ Association conference in Scotland.

Mr McManus, CEO at Giles Insurance Brokers, claimed that some brokers were “just slapping on” the chartered label, while failing to conduct their business in a professional manner.

Mr Reid, who described the Giles chief as “a very good friend”, told Insurance Age: “It is always a difficult balancing act launching something new, enticing people to join, and ensuring that what has been formed has the teeth to chastise or expel those who do not match the criteria laid down.”

He continued: “If evidence is found of brokers not adhering to the professional standards chartered status expects, then it is up to Brendan or any of us to report those matters to the CII.”

According to Mr Reid, this issue had not arisen “so far”. He added: “Were it to be so I can assure all that matters would be treated very seriously indeed.”

He also highlighted the fact that a number of the UK’s larger brokers had not yet gained chartered status as “one reason for disquiet”.

“I would like to hope that many of the larger brokers will join, as have some major insurers in the recent past,” he said.

“Only when the professional firms within our industry, and those that strive to become so, come together, will this industry get the reputation it deserves and set ourselves apart from those that have for far too long tarnished our image, be it from within our industry or from without.”

Mr Reid stated that he would be worried if anyone in the industry did not support the goal of raising professional standards among insurance firms, and praised the moves made by the CII towards addressing this, noting in particular chartered status and the Aldermanbury Declaration.

However, he stressed that this did not mean “all is finalised”, and said: “It is hoped that many more brokers and insurers will attain the status necessary, and work is ongoing to ensure that those professional standards are maintained, to address the points that Brendan made.

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