The push for mandatory risk transfer of client money continues to gain momentum.
Smart & Cook managing director Paul Meehan said that in addition to the
25 brokers who supported the move last week, another 22 brokers had come out in favour of risk transfer.
Biba chief executive Mike Williams said that after discussions with the brokers and the Biba board, a working group would be established to consider the issue.
"This would have such a major impact on the industry it is not something you can make a decision on in haste."
AXA chief executive Peter Hubbard said the ability of insurers to adopt risk transfer would depend on the FSA's solvency requirements for insurers, as under such a scenario, insurers could be required to monitor every single broker transaction.