New IMD clause brings threat of compulsory commission disclosure
Brokers face the threat of mandatory commission disclosure if a proposed revision of the Insurance Mediation Directive (IMD) is accepted, the British Insurance Brokers' Association (Biba) has warned.
The trade body issued the warning ahead of its annual conference and added that, if mandatory disclosure of commission was implemented, it could increase the regulatory cost burden.
Eric Galbraith, Biba chief executive, said the text for the revised IMD, likely to be published by the European Commission in the coming weeks, could include a clause which means that commission disclosure could become mandatory.
He warned that there is significant political pressure for mandatory disclosure and that
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