Two Europeans insurance bodies will work together in future to ensure broker transactions are more transparent.

The Federation of European Risk Management Associations and the European Federation of Insurance Intermediaries have set out a protocol on business broker transparency.

The protocol will be used by other organisations to create a transparency framework for their respective membership.

Areas covered in the protocol include conflicts of interest, relationships with underwriters and remuneration details from the product provider.

The agreements between the two bodies is designed to overcome the perceived lack of transparency in business insurance which sometimes occurs due to the complex nature of policies.