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Friday, 27 June 2014
I attended a recent Question Time event in London, run by Insurance Age and sponsored by Axa. It was a pleasant and interesting evening and, indeed, the following buffet and the choices of wine weren’t too bad either.
Inevitably a question was asked of the panel and Amanda Blanc in particular about commission disclosure. I think one could say that the panel claimed to be open minded in relation to this issue, however, the audience seemed largely unpersuaded about the comparisons and analogies used to argue that such a move might be the right way forward.
Monday, 23 June 2014
Industry figures, particularly those from bigger brokers and continental owned insurers, cannot but periodically help themselves but to venture once again to suggest the professional benefits of mandatory commission disclosure. This is despite the FSA in its twilight years having commissioned two consultancy studies to prove the case in favour; they failed to do so both times.
I think I am right in saying that every client of a TEn member with an annual spend in excess of £100k on insurance - and there are quite a few now - is dealt with on the basis of nett rates and fees. Between £50k and £100k there are a fair few more besides and some others even below £50k, so we are not opposed to the practice, at the right time and at the right level, it is the correct method of remuneration.