PIBA CHAIR SEEKS REGULATORY-WORDING CHANGE

Terry Hardiman, the chairman of Ireland’s Professional Insurance Brokers’ Association (PIBA), has called on local finance watchdog the Irish Financial Services Regulatory Authority (IFSRA) to alter its recently published regulations for the industry to replace terms such as “multi-agency intermediary” and “authorised advisor” with the more widely recognised and understood description “insurance broker”. Mr Hardiman said that the title “insurance broker” effectively defined a role that was clearly understood by the consumer. “Insurance brokers identify a client’s need and use suitable insurance products to meet those needs”, while terms such as “multi-agency intermediary” are not readily identifiable to the consumer, he noted.