The Australian Securities and Investments Commission (ASIC) says it will review particular remuneration structures provided by Marsh. The move comes as New York Attorney-General Eliot Spitzer last week withdrew a planned criminal prosecution of Marsh & McLennan over contingency commissions.

ASIC says the review will focus only on Marsh – for now. A spokesman said a review encompassing the entire industry can’t be ruled out.

But the regulator has been at pains to emphasise that the review of the local Marsh operation’s remuneration structures is not a formal investigation. ASIC says it “speaks to companies all the time” about their practices.

Marsh Chairman John Richardson – in fact, no one in Marsh’s Sydney HQ – was available for comment.

However, at the National Insurance Brokers Association Convention in Perth two weeks ago CEO David Duffield spoke about new legislation on conflict of interest which will come into effect in Australia from January 1.

The new legislation will require brokers to document areas where conflicts of interest occur “and put in practice regimes to deal with them”, he said.