Industry awaits fee guidance

The FSA has backed down over new rules for two years

The commercial insurance sector is awaiting crucial guidance on commission disclosure which it hopes will avert the Financial Services Authority’s (FSA) threat of new rules. The Association of British Insurers, which has worked with BIBA and the London & International Insurance Brokers’ Association to agree an industry solution to the regulator’s concerns over broker transparency, said new guidance should be ready for early 2009.