Members should respond formally to FSA's transparency paper, association says

The British Insurance Brokers’ Association (BIBA) has today responded to the publication of the Financial Services Authority’s (FSA) Discussion Paper DP08/2, Transparency, disclosure and conflicts of interest in the commercial insurance market, by actively encouraging its members to formally respond.

Chief Executive Eric Galbraith said: “Whilst we are disappointed that the lengthy and costly forensic review in 2007 did not bring about closure on these issues, we now contribute again to the debate. These are important issues and we would strongly recommend to all firms that have an opinion on these matters, whatever that opinion may be, to respond formally to the FSA. BIBA will itself be preparing a detailed response in consultation with its members, as we have throughout this drawn out process.”

Galbraith added: “BIBA has worked tirelessly over the last three years to help its members and their customers with regards to conflict management and greater transparency at the point of sale. It is our view that greater transparency for commercial customers can be achieved by the market of its own accord and we do not need further regulatory intervention.”