The UK Institute of Insurance Brokers (IIB) has urged its members to adopt new industry transparency guidelines, warning that mandatory disclosure could be forced on British brokers.

The Financial Services Authority agreed in April not to impose mandatory fee disclosure on UK insurance brokers, instead endorsing industry guidelines governing transparency, disclosure and conflicts of interest.

The guidelines are intended to improve clarity, comparability and accessibility of information available to commercial insurance customers.

IIB CEO Barbara Bradshaw last week urged brokers to comply with the new guidelines.

“We believe that mandatory disclosure could still be forced upon brokers in the future, so it’s essential they put in place the industry guidelines as quickly and effectively as possible,” she said.

The IIB will launch its own transparency guide at a series of forums throughout the UK over the next two months.