A survey of Airmic members has found that 93% want contingent commissions banned or subject to an FSA investigation.

The survey of risk managers found that 64% believe the practice of contingent commissions always creates a conflict of interest.

Almost 100% consider it important to have full disclosure of how much of their insurance spend is going to the broker, but only 54% are satisfied with the level of disclosure they receive.

But Biba said that the majority of Airmic members operate "on a fee basis and it is inconceivable to believe that their relationship with brokers or advisers is not fully understood".

Retiring president and chief executive of Aon, Pat Ryan has also called on the industry to be more transparent. He told a conference this week: "I think it's moved beyond Spitzer now."