Disclosure - Knowing what to reveal
Apparently, there is further guidance coming out from the Financial Services Authority relating to commission disclosure. Can you tell me what this entails and if it means a major overhaul of brokers' practices?
Your colleague is partly right. There is guidance in respect of conflicts of interest, transparency and disclosure in the commercial insurance market set to be released soon, though it has not been created by the FSA.
This new guidance is an insurance industry-grown solution. The British Insurance Brokers' Association has been leading the development of this industry solution for some time now and this has involved discussions with the Association of British Insurers, the International
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