Editor's comment - November 2010
Brokers love a bit of commission don't they? And why not? They work hard and put up with a lot of hassle and jumping through insurer hoops to get it. It's how the market is geared to remunerate brokers, but outsiders have always looked upon the structure with suspicion.
Indeed, the regulator has tasked the industry with finding a solution to what it sees as the 'problem' of commission disclosure. This has been rumbling on for some time now and, to be fair, the industry has been and continues to work at it with initiatives such as the Chartered Insurance Institute's Investing in the Profession.
But there is potential banana skin on the immediate path in the form of the Bribery Act 2010, which comes into force in April 2011. This makes it a corporate offence to
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