2009-04-08

By Editor, CIR

The Financial Services Authority has given its blessing to insurance industry-developed guidelines that address conflicts of interest, transparency and disclosure in the commercial insurance market.

The watchdog said at the end of last year that it had no plans for compulsory disclosure of commission in the commercial insurance sector, but wanted the industry to address concerns over disclosure and conflicts of interest.

It will now take into account the guidance -- developed by the British Insurance Brokers Association and the London & International Insurance Brokers' Association -- in regulating insurance brokers.

It outlines how brokers should prevent and manage conflicts of interest stemming from their compensation or business models, and suggests that brokerage firms establish their own internal policies for managing conflicts of interest.

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