The International Banking & Finance Authority is a not-for profit Limited Company which welcomes membership enquiries from those who are registered by the Ministry of Justice, Claims Management Regulator (CMR) to carry out financial claims management activities or are covered by an exception. Firms must undertake to comply with the published IBFSA Code of Practice and be subject to a membership application review and an ‘Assurance Audit’ carried out by Rockstead.
Code of Practice – Compliance and Auditing
The Strength of Members
The strength of the IBFSA is not only the high standards its members undertake to work to, it is how they influence change to address Consumer detriment and offer a respected ‘voice’ within the sector. This can be achieved by collectively, working together, information sharing to ensure that Consumers are put first. This is the collective strength of members.
Membership Applications
Applications for membership
“Full Member” means a member elected as a full member in accordance with the process and terms below:
Before the submission of an application for membership, each person who is mandated and authorised by their ‘business’ to make an application for membership on behalf of their firm must confirm that the criteria below can be met.
Businesses must:
- Be regulated by the Claims Management Regulator and recorded at https://www.claimsregulation.gov.uk/search.aspx
- Actively traded for a minimum of 18 months (or be a subsidiary of a business which has)
Please note: Where a business plan and investment proposal for a new business (regulated by the CMR) is available, this will be presented to and considered by the IBFSA Board. - Confirm that compliance with the published IBFSA Code of Practice can be met
- Agree to a “Full Member” Assurance Audit, refer to: compliance-and-auditing
- Agree to annual member audits, refer to: compliance-and-auditing
- Agree to share data with the Independent Chairman of the IBFSA as and when requested in an agreed format
- Respond to all “Consultation” papers as requested by the IBFSA to ensure it is able to respond as a representative Association
- Agree to abide by the “Statement of Principles (BBA) which sets the standard for CMCs when taking Letters of Authority (authority) from customers, to allow them to handle PPI mis-selling complaints on their behalf.”
- Pay by standing order the monthly ‘membership’ subscription, this is currently capped at £1000.00 per month
Making an enquiry for membership
Subject to meeting the above criteria, please select Membership at contact-us and submit your enquiry.
Following the submission of an enquiry for membership, acknowledgement will be made by email; this will be followed by a request to engage in a telephone call if initial enquiries made by the IBFSA are satisfactory.
