The British Insurance Brokers’ Association (BIBA) and the Institute of Insurance Brokers (IIB) have joined forces in the fight against mandatory commission disclosure.

The broker trade bodies have spoken out about the Financial Services Authority’s (FSA) discussion paper Transparency, disclosure and conflicts of interest in the commercial insurance market.

The paper looks at how to ensure commercial insurance customers are protected after the FSA found evidence of a lack of transparency in the commercial insurance market around intermediary remuneration and services.

Both BIBA and IIB want to see more guidance provided to brokers to help them address conflicts of interest rather than have more regulatory intervention.