While most of the financial services sector was on summer leave some insurance industry people were working hard on submissions to the regulator, which is investigating broker practices.

The Australian Securities and Investments Commission's (ASIC) investigation – which followed New York Attorney-General Eliot Spitzer’s investigation of US market practices – focuses on conflict of interest management.

The regulator presented 12 brokers and six underwriters with a long questionnaire on insurance transactions, commission arrangements and dealings with other industry members.

The questionnaire was dated December 7, with a return date of January 7. Some companies were granted extensions until January 21.

One industry executive told Sunrise Exchange News the questionnaire wasn’t particularly difficult to complete but the amount of detail was hard to pull together in the time allowed.

ASIC Executive Director FSR Ian Johnston expects the investigation to be finished by the end of March.