ABI RESPONSE TO fsa statement on transparency in the commercial insurance market

(99 words)

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.”

- ENDS -

Notes

Notes for Editors

1.            Enquiries to:       

            Jonathan French   020 7216 7392 (Mobile: 07958 330 480)

         Malcolm Tarling    020 7216 7410 (Mobile: 07776 147 667)

         Erfan Hussain       020 7216 7411 (Mobile: 07712 841 184)

         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.

3.            An ISDN line is available for broadcasts.