The Australian Securities and Investments Commission (ASIC) says its investigation into broker remuneration won’t be completed by the end of the month as originally thought, but it will make a statement on the issue by March 31.

Without revealing the outcome of the investigation, ASIC Executive Director FSR Ian Johnston told Sunrise Exchange News the regulator will be “doing a lot of work on the issue” over the next two years to ensure consumers’ interests are met.

ASIC announced on November 30 last year it would examine brokers’ remuneration practices to “establish whether insurance brokers are acting in the best interests of their clients”.

The investigation was spurred by New York Attorney-General Eliot Spitzer’s action in relation to price-fixing and bid-rigging in the US.

The National Insurance Brokers Association has been at pains to point out that the US brokers’ misdemeanours don’t reflect on Australian brokers.

Mr Johnston attributes the delay in having the report ready to the extensions granted to industry players who were asked to provide information. “Many asked for extensions, and they were granted – but this has led to a delay.”

Businesses involved in the investigation complained of insufficient time to respond to the regulator’s demands. With only around a month to prepare answers to complex questions over the Christmas period, many argued the timeframe was inappropriate.