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Brokers improve code promotion

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Brokers are getting better at promoting the Insurance Brokers Code of Practice, the Financial Ombudsman Service (FOS) says.

Under standard 11 of the code, brokers have a responsibility to make information about it readily available to consumers – including how to make complaints.

According to a FOS inquiry, code subscribers have “systematically improved the visibility and accessibility of code and dispute resolution information on their websites”.

The review found 65% of broker websites make reference to the code, compared with 25% in 2012.

Some 44% of websites contain a copy or link to the code, up from just 3% in 2012.

FOS recommends making sure code promotion is highly visible and easy to understand.

“This will ultimately promote more professional, informed and effective relationships between insurance brokers and their clients,” it says.