Brokers fear shifting goal posts in IMD review

The EC’s review of the Insurance Mediation Directive has been welcomed but professional brokers are concerned that they could bear the brunt of any changes. In this article Steve White, head of compliance and training at BIBA, presents the industry’s arguments for a level playing field.

For such a diminutive document 20:34 the English translation is only eight pages long – discussions relating to the implementation of the European Unionʼns Insurance Mediation Directive have generated intense heat; nowhere more so than in the UK. John Tiner, former chief executive of the Financial Services Authority (FSA), described the legislation as one of the worst pieces of European legislation he had ever seen, largely because it lacked any sense of whom it was trying to protect and for there not being any serious cost-benefit analysis conducted to support the proposals.