Mandatory commission disclosure would harm business consumers’ interests
The Institute of Insurance Brokers (IIB) has found that there is virtually no demand amongst the ‘middle segment’ (commercial customers with a turnover between £500,000 and £100m) for mandatory commission disclosure, based on the experience of its members.
Since the CRA report indicates that there are no substantive market failures in the micro-enterprise and large corporate customer sectors, this would suggest that there is no case for compulsion, although business customers already have the right to request commission details, where they are interested.
According to IIB chief executive Barbara Bradshaw; “There is already strong competition within the business insurance sector; most buying decisions are made on the basis of overall cost and
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