The Lloyd's Market Association (LMA) welcomed the “clear statement" from Airmic in favour of full transparency in the broker sector.

The association said it had been leading discussions between insurers and brokers in the London market to find the right solution to broker remuneration in the post-Spitzer world.

LMA chief executive Simon Sperryn said: “We believe full transparency is the right way forward and will enable the market to operate competitively.

“We support Airmic in its urging of the FSA to take the necessary action to ensure disclosure and resulting transparency becomes an automatic process.”