Biba chief calls for market solution on commission disclosure

Biba chief executive Eric Galbraith has called on the industry to support a market solution to resolve the FSA’s issue on transparency, disclosure and conflicts of interest in the commercial insurance market.

During his opening address to conference, Galbraith said that following the lack of a resolution from the FSA’s failed cost benefit analysis on mandating disclosure, Biba would be working with the industry to propose a market solution.

Initial research with members has highlighted overwhelming support for a market solution, he said.

Galbraith referred to any introduction of new rules as “the nanny state gone mad” and said that the industry can make a market solution work for commission disclosure as it had with with contract certainty.

“From my discussions with practitioners I get the sense that the market itself is keen to resolve the issue of transparency and disclosure once and for all and frankly I believe it is essential that we get closure on this subject,” said Galbraith.

He has also called on the Government to make a financial commitment to continuous insurance enforcement and reduce uninsured driving. He referred to the Government’s progress to draft appropriate regulation as slow and called for this to be accelerated.