Biba responds to FSA forensic review on transparency
The British Insurance Brokers’ Association (Biba) has expressed frustration at the result of the Financial Services Authority’s (FSA) forensic review into transparency in the commercial insurance market.
Eric Galbraith, Biba chief executive, said: “BIBA and its members have been fully involved in the forensic review, both with the market failure analysis and then on the cost-benefit side. These efforts have been recognised by the FSA, which has cited the potential costs as a major influence in their decision not to mandate disclosure at this stage.”
Galbraith added: “The commercial insurance market is now more transparent than ever before. The work undertaken by Biba in respect of managing
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