Biba’s chief executive on European frustrations
Boring! was how one industry panellist at Biba 2012 described the renewed debate about mandatory commission disclosure in Europe. The frustration struck a chord. Haven’t we debated this enough?
It’s all politics. This drive for mandatory disclosure comes despite the European Commission’s encouraging cost-benefit analysis in early 2012, which initially supported disclosure upon request.
Political expediency could force the issue even though Biba-led industry guidance on transparency, disclosure and conflicts of interest has been championed by the Treasury and the FSA.
Our sector and our profession need involvement with policymakers. This must have the engagement of the entire sector - preferably with one voice. We also need to ensure that the next generation of brokers are knowledgeable, confident and involved. We ignore politics at our peril.
Eric Galbraith is chief executive at Biba