Biba and IIB liaise on transparency
As revealed by Insurance Age last month, the British Insurance Brokers’ Association (Biba) and the Institute of Insurance Brokers (IIB) have confirmed that they are both keen to move forward with an industry initiative to address the regulatory concerns about transparency, disclosure and conflicts of interest.
Both broker trade bodies have responded in detail to the discussion paper DP08/2 – ‘Transparency, disclosure and conflicts of interest in the commercial insurance market’ and have made known to the FSA their strong views against the imposition of mandatory commission disclosure.
Ann Peel, the IIB’s head of technical services said: “There is a great deal of common ground between the broker trade bodies on this and the FSA seems receptive to the possibility an industry solution. If we provide more
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