BIBA lashes out at FSA

The insurance industry is working on a market solution to settle the regulator’s concerns over commission disclosure. To date, the industry has failed to come up with a plan agreeable to all parties and the Financial Services Authority (FSA) has said that in the absence of a workable market solution it will have to consider introducing new rules, including mandatory disclosure of commissions and fees received by brokers on placing commercial insurance contracts, to improve transparency in the insurance process.