Brokers Ireland’s is the leading representative body for Insurance brokers with a combined strength of over 1,200 firms representing both general insurance and financial brokers throughout Ireland. In May 2017, members of the former IBA (Irish Brokers Association) and PIBA (Professional Insurance Brokers Association) voted to merge both associations into one entity to benefit brokers in helping them best serve Irish consumers and businesses. As the premier voice and representative organisation for brokers, Brokers Ireland advise members, regulators, government and other stakeholders on key insurance issues in order to raise and maintain industry standards. All Brokers Ireland member offices embrace strict standards of conduct, professionalism and practice to ensure that high standards of service are delivered to all clients. Our members are regulated by the Central Bank of Ireland and adhere to strict regulations such as the New Minimum Competency Code (MCC), Consumer Protection Code (CPC), MIFID 2 and the forthcoming new GDPR regulation.
SETTING INDUSTRY STANDARDS
The areas of legislation and regulation remain a key priority and Brokers Ireland will continue to lobby on behalf of its members. Brokers Ireland works closely with the Central Bank of Ireland, the Department of Finance and Financial Services Ombudsman to ensure that both Broker and Consumer interests are protected in any compliance or regulatory changes.
All member brokers have Professional Indemnity of a minimum of €1.5 million. In addition to the statutory protection from Investor Compensation Company Ltd. (ICCL), all Broker Ireland members go one step further for the clients and pay annually into the Brokers Ireland compensation funds, which offer their clients 5 times more cover than the ICCL.
Brokers Ireland members are not tied to any one company and pride themselves on the impartiality of the advice offered to consumers, enabling them to give an unrivalled service compared to any direct operator in the market.
In an increasingly complex insurance and financial marketplace, consumers benefit from the choice, professional advice and service provided by impartial Insurance and Financial Brokers. These Brokers assess a consumer’s needs; research the market; give product comparisons based on consumer needs and objectives; and recommend the most appropriate products to address short, medium and long-term financial goals.
BROKERS IRELAND MISSION STATEMENT
Brokers Ireland mission is to promote, support, and protect Insurance and Financial Brokers, both collectively and individually, in the areas of Business Development, Education, Legislation, Lobbying, and Compliance, so that they in turn are best positioned to offer expert and professional advice and services to their clients. We will underpin this support by providing our members with a platform and a forum for open dialogue, discussion and debate both within Brokers Ireland and with key industry players.