BIBA: the market can solve commission disclosure

by Richard Kilner

Story link: BIBA: the market can solve commission disclosure

The British Insurance Brokers’ Association has held its annual conference in Glasgow, at which event the organisation called for an industry-backed market solution, to the FSA’s transparency and conflict of interest issues pertaining to the insurance industry.

Eric Galbraith, the organisation’s chief executive, has stated that BIBA would collaborate with the industry to propose a solution, following the FSA’s cost benefit analysis on mandating disclosure, which failed.

The introduction of further regulation would be a sign of the nanny state going mad, according to Galbraith, who expressed his optimism that, as with contract certainty, the industry itself could design the way forward for commission disclosure.

Galbraith has also said that he believes the market is eager to solve the problem.

At the conference, BIBA also called on central government to act to reduce uninsured driving and to commit ongoing funding for insurance enforcement.