Biba responds to FSA discussion paper on transparency dislcosure
The British Insurance Brokers’ Association (Biba) has today formally responded to the Financial Services Authority’s (FSA) Discussion Paper DP08/2 Transparency, disclosure and conflicts of interest in the commercial insurance market.
Eric Galbraith, Biba chief executive, said: “Our position on these issues is well known to the regulator. We believe that the current combination of high level principles plus a rule requiring disclosure on request is sufficient. There is no evidence that the current regime affords commercial customers inadequate protection or that these commercial customers want change.”
Mr Galbraith continued: “Biba however recognises the FSA’s desire for greater transparency and has committed significant time
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