Most UK brokers believe regulation is the main challenge to their businesses, with new commission disclosure rules on the horizon.

A survey commissioned by the British Insurance Brokers’ Association (BIBA) found 75% of brokers believe regulation is their key priority.

BIBA CEO Eric Galbraith says regulation is also the association’s major focus, “so it is good to see that we are aligned to members’ needs”.

The European Commission is expected to issue guidelines for the revised Insurance Mediation Directive in coming weeks. This could result in both mandatory disclosure of commission for the insurance industry by 2019 and a potential increase in regulatory costs.

BIBA is lobbying for a “commission disclosure upon request” clause as the most suitable means of disclosure in the general insurance market.