We and a group of broker friends have been campaigning to stop the introduction of commission disclosure on a compulsory basis. The case for disclosure seems to be being driven by certain insurers, big brokers and some loud voices in Lloyd’s.
We believe they want to put pressure on small brokers, forcing them to sell up. We say smaller brokers keep premiums sharp and deliver the service business customers want.
Compulsory disclosure will encourage many brokers to sell up. Fewer brokers means less competition and a harder market.
The FSA is hearing lots of representations from those who want hard disclosure, but very little from those who don’t.
Biba and IIB are pushing our case in this debate, but they need your support too.
The FSA does understand your industry. They are intelligent people who will listen to your arguments. At the moment, they’re hearing your silence. How should they interpret that?
The FSA has published a discussion paper on this. It wants your views in response to this. What happens next is its decision, not the government’s. This could be your last chance – please don’t miss it.