Insurance brokers and IFAs get closer

According to health insurance industry rumours, two professional bodies are thought to be getting closer together.

The Association of Independent Financial Advisers (IFAs) and the British Insurance Brokers Association (Biba) are thought to be coming closer together professionally. One day, according to FT Adviser reports, a merger of the two organisations could become a reality.

Eric Galbraith, the Biba Chief Executive, was reported in Money Marketing Magazine as commenting: I would be open to discussions about how we might get closer together and there are always savings to be made for members but we have not discussed anything like that. Chris Cummings has not raised that issue with me.

Biba represent insurance brokers throughout the UK, whilst the Association of British Insurers does the same for insurance companies .