The Institute of Insurance Brokers (IIB) has responded to the Financial Services Authority’s (FSA) discussion paper on Transparency Disclosure and Conflicts of interest in the UK Commercial Insurance Market with major concerns (click here to view the IIB press release). Ann Peel, Head of Technical Services at the IIB, said that there is a genuine fear amongst brokers that mandatory commission disclosure could lead to the demise of the smaller independent intermediary sector. She concended that there was a need for customers to have clear information about the nature and extent of the servies that brokers provide, but pointed out that mandatory disclosure of earnings could mislead customers rather than assist them.
 
Click here for the recent blog on the FSA’s discussion paper.