ABI response to FSA statement on transparency in the commercial insurance market
Responding to today’s statement by the FSA on commission disclosure in the commercial insurance market, Nick Starling, the ABI’s Director of General Insurance and Health, said:
“The ABI supports a transparent system of commission disclosure to help commercial customers make informed decisions about their insurance requirements. We are working closely with our members and the British Insurance Brokers’ Association to develop industry guidelines to further improve transparency on commission levels earned by intermediaries, the nature of the service they provide, and their relationships with insurers. This guidance will be issued early in 2009.”
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Notes for Editors
1. Enquiries to:
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Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)
2. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.
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Copies of all ABI news releases, together with other information from the Association, can be seen on our website http://www.abi.org.uk
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