EC keeps commission issue under review

Charlie McCreevy has said the European Commission will continue to look at conflicts of interest and transparency issues raised by brokers’ remuneration despite ruling out wholesale reform of the Insurance Mediation Directive (IMD). Speaking at the Irish Insurance Federation recently, Mr McCreevy said:“There is a growing awareness in the market that such potential conflicts of interest may need to be more effectively managed. The Commission is committed to following up these findings and I hope that national authorities will also take an interest and be closely involved.”