Regulator holds firm regarding disclosure

The Financial Services Authority (FSA) has insisted it does not have a pre-arranged position over the issue of commission disclosure.

Andrew Honey, head of the FSA's insurance, small firms division, said: "Both a market failure analysis and cost benefit analysis would need to be passed before the FSA even proposed mandated disclosure."

Mr Honey conceded that the regulator still had underlying concerns with regards to client money: "The FSA has found that those firms that have used the tools