Shadow chief secretary to the Treasury reveals in an exclusive interview his party's approach to the insurance industry
The introduction of mandatory commission disclosure is extremely likely to go ahead despite lobbying from broker representatives, according to the shadow chief secretary to the Treasury, Mark Hoban.
Speaking ahead of the Budget, Hoban outlined what a Conservative government would do for the UK insurance market, including a cut in corporation tax, but indicated his belief that mandatory commission was practically a certainty.
He said: “For a lot of brokers, this will lead to a significant challenge for their business model.”
Hoban added that a Conservative government would seek to protect the insurance industry from encroaching regulation after the Northern Rock debacle.
At the time of going to press, Alistair Darling’s first Budget as Chancellor was expected to contain little to benefit the insurance market, despite public calls from the ABI and other business leaders for a reduction in corporation tax and a compromise on proposed increases in capital gains tax.