UK industry bodies are concerned about recent changes to insurance broker regulation across Europe, specifically those relating to new guidelines on compulsory commission disclosure.

The European Commission has published a revised “insurance mediation directive” that outlines changes to insurance broker laws, due to be finalised late next year or early 2014 and implemented two years later.

The British Insurers Brokers’ Association (BIBA) says the commission’s decision to impose a five-year timetable on compulsory commission disclosure in the general insurance sector ignores the views of a number of industry bodies “and all the leading insurance broking representative bodies in Europe”.

BIBA is concerned the commission “has not fully reflected the level playing field in respect of an insurer equivalent to remuneration disclosure”.

“Our primary concern is around mandatory disclosure and where it is imperative from a European perspective that a level playing field is established with insurers when selling direct,” BIBA Head of Compliance and Training Steve White said.

The Association of British Insurers (ABI) supports the commission’s aim to provide high levels of protection to consumers purchasing investment products, but says it has similar concerns around the proposals on disclosure.

“There is no evidence of existing consumer detriment, and minimal future benefit, to warrant disclosure of commission on general insurance products,” ABI Director of Financial Conduct Regulation Maggie Craig said.