FSA chief executive John Tiner has ruled out the need for full disclosure to manage conflicts of interest.
Speaking at the FSA conference Tiner said the industry was “more than capable” of managing conflicts of interest.
Full commission disclosure, he said, was not needed to control conflicting interests.
"Full disclosure would not be a panacea, nor provide a safe harbour from the need to manage conflicts: they would still be present and they would still have to be managed,” he said.
“The management of conflicts is not the responsibility of the regulator: our responsibility is to set the principles… and assess compliance with our principles.
"We are doing that right now through our work on conflicts management and if we find serious breaches or ignorance of our requirements we will take appropriate action against the firms and individuals involved."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
