Commission disclosure
Plumeri rounds on contingent commissions
Outgoing Willis chief executive Joe Plumeri has criticised a resurgence in the payment of contingent commissions to brokers by insurer partners.
View from the Top: Premature death notice for networks
Contrary to popular belief, broker networks are thriving domestically and internationally, says Brendan McManus.
FUEDI and CILA to demand IMD II clarity from Europe
The Chartered Institute of Loss Adjusters is becoming increasingly frustrated at being left in the dark as to how the "light touch" Insurance Mediation Directive will affect its members.
Smaller brokers will be hit hardest by ban on conditional risk transfer
Brokers and managing general agents have expressed concern at the potential for conditional risk transfer to be banned by the regulator next year.
Broker Focus: Insurance Mediation Directive - A level playing field?
The European Commission's revision of the Insurance Mediation Directive is targeting mandatory commission disclosure, but what will this mean for UK brokers?
Brokers to receive increased commission under new government initiative
Members of the British Insurance Brokers' Association will receive commission levels up to 15% when they place trade credit insurance through the UK Export Finance Initiative, with immediate effect.
Incentive schemes: where do the real issues lie?
On Wednesday, the Financial Services Authority published the results of a review into risks faced by customers from financial incentives, and found that bonus-based schemes increase the risk of mis-selling. With a consultation on the issue launched …
Regulator to review "rotten" incentive schemes
Financial Services Authority managing director Martin Wheatley has laid out plans to stamp out mis-selling created by sales incentives that result in customers being sold products they do not need or cannot use.
New regulator to outlaw commission sales
Commission-based sales of financial products will be outlawed by the Financial Conduct Authority when it comes into force next spring.
Editor's comment: Regulation and revolving chairs
Anticipated it may have been, but last week's European call for compulsory commission disclosure has understandably left UK brokers aggrieved.
Brokers insist on level playing field over EC Insurance Mediation Directive
Insurers have been dragged into the mandatory commission disclosure debate by disgruntled brokers demanding a "level playing field", following the latest publication of the revised Insurance Mediation Directive.
IMD II to spark regulation for adjusters, claims managers and aggregators
Legal experts believe the European Commission’s latest Insurance Mediation Directive – IMD II – will lead to tighter regulation for loss adjusters, claims management companies and aggregators.
Biba slams European timetable for commission disclosure
The British Insurance Brokers’ Association has accused the European Commission of ignoring the views of major financial and insurance bodies in its decision to impose a timetable to mandate disclosure of insurance commissions.
Bluefin boss joins campaign against mandatory commission disclosure
Bluefin boss Stuart Reid has thrown his weight behind a campaign to stop mandatory broker commission disclosure being forced on the industry by Eurocrats, claiming that just 50 of its clients have asked for commission disclosure in the past year.
EU to force broker commission disclosure
The British Insurance Brokers' Association is warning that Europe could force mandatory commission disclosure on brokers by 2019.
Yutree boss Leigh Smart warns broker commission is the 'next misselling scandal'
Leigh Smart, the former Davis Group boss who sold his business to Bluefin in 2007, has warned that brokers' undisclosed commission and fee income could be the next big misselling scandal.
Law Society members encouraged to demand broker commission details
The Law Society is embarking on a change to the way its members are attracted to brokers after stating that being on the society's list of brokers did not necessary make firms 'Law Society approved'.
Willis backs down on contingent commission stance to remain "fully competitive"
Willis has admitted it is to review its practices after revealing it will begin to accept contingent commissions from 1 April in its employee benefits arm.
Broker networks: New kid on the block
As Brokerdrive arrives on the scene, the debate over the merits of the traditional network model is revisited.
Broker claims unearned work transfer payments are endemic in commercial
Brokers are continuing to take secret payments from insurers and not declaring them to clients, according to a specialist commercial intermediary.
Editor's comment: Coming back to bite
Confident words have a nasty habit of coming back to haunt you – as Admiral’s CEO Henry Engelhardt discovered to his cost this week. From stockmarket darling to deep disappointer inside nine months, the motor-focused UK insurer has certainly suffered a…
View from the top: An apple a day
‘We made the buttons on the screen look so good you’ll want to lick them,’ was something Apple founder Steve Jobs once said to a journalist eager to unpick the secrets that underpinned the firm’s meteoric rise to become one of the biggest companies in…
Interview - Simon Burley: Adjusting the image
Simon Burley, the new president of the CILA, promises to transform the image of the claims industry and improve the reputation of loss adjusters in the UK.
Lonmar reimburses underwriters £2m after commission charge error
Lonmar Global Risks have been forced to reimburse marine underwriters with more than £2m in commission after finding excessive levels were applied.