IIB members fear commission disclosure
The Institute of Insurance Brokers (IIB) has received feedback from many troubled members in connection with the Financial Services Authority (FSA) Discussion Paper - Transparency disclosure and conflicts of interest in the commercial insurance market.
Although the discussion period extends until 25 June 2008, the IIB said that smaller brokers had been keen to express their concerns early on.
“The feedback we have already received demonstrates a genuine fear amongst brokers that mandatory commission disclosure could lead to the demise of the smaller independent intermediary sector,” commented Ann Peel, head of technical services at the IIB.
Conceding that there was a need for customers to have clear information about the nature and extent of
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