Succession planning

Succession planning is still not always given a great deal of attention, especially in the case of smaller firms and sole traders. 

A survey conducted by a major UK insurer in 2018 revealed that of the 9% of brokers looking to leave the industry, 59% were planning to retire. Just 13% had a succession plan in place. Succession planning is important because most firms will have a number of employees and significant on-going value.

 

 

BIBA COMMITMENT

To produce guidance on how to write a succession plan. This will address two basic scenarios: forced succession through an unforeseen event (death or serious illness of the principal, for example) and planned succession (retirement). It will examine strategies to identify and train high potential employees for future leadership roles and offer practical advice on how to cope with a sudden event.

“The FCA Handbook states that a firm should consider the likelihood and impact of a disruption to the continuity of its operations from unexpected events. BIBA will help create guidance for members to assist with their long-term futures.”

ANDY HOMER  

Former BIBA Chair

BIBA has more than 1,800 individually FCA regulated firms registered as members. 

With more than 600,000+ enquiries through our
Find Insurance services in the last year.