UK risk managers are against contingency-based payments for insurance brokers, but argue little has changed since US investigations into industry practices brought several high-flyers down to earth.

A survey by Oxygen Insurance Brokers during the Association of Insurance and Risk Managers conference last week found most risk managers prefer fees to commission payments.

Almost 80% of respondents said brokers should be paid only in fees, and 86% said it is important how brokers are paid.

Of the 300 respondents to the survey, 70% said little has changed in the broker industry despite the fining of several corporations in the US following investigations by former New York Attorney-General Eliot Spitzer in 2005.