UK insurance brokers could soon be finding themselves having to disclose their commission earnings when arranging cover.

A nationwide survey conducted by Insurance Research and Strategy found more than 68% of the insurance buyers surveyed support the Financial Services Authority’s requirement to disclose commission upon client request.

Up to 60% were in favour of supporting mandatory broker commission disclosure for all types of commissions.

Commentators say the results show many buyers are unaware of commission rates charged, with 48% saying they did not know or would not estimate how much commission their broker earns.

An average of 9.7% was guessed as the standard commission for commercial combined insurance policies, whereas a typical UK broker’s commission is from 17.5% to 20%. The commission expectation for commercial motor policies was 8.9%, compared with the 10-15% actually earned.