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Broker Network Urges Brokers to Speak Out on Commission Disclosure

Broker Network Chief Executive Grant Ellis has contacted insurance brokers across the UK in an attempt to rally against the FSA in a "cohesive and co-ordinated fashion" in relation to mandated commission disclosure.

Grant Ellis is urging brokers to submit their own responses to the FSA discussion paper on the subject before the 25 June 2008 deadline and also to lobby their MP against the ‘insidious creep of regulation.’ He’s even provided a template letter which can be reproduced to help facilitate this.

Grant Ellis commented today;

"Broker Network fully supports transparency when it relates to making it clear to a customer what role the broker is playing but we dispute the need for ‘transparency of commission’. It’s irrelevant, but the FSA have once again managed to re-introduce into the debate. The only people who are pushing for this are those with a vested interest – it’s not being driven by the customer who ultimately will have to bear the cost of it.

The FSA admit that the burden of commission disclosure will be felt most by the smaller intermediary but no one seems prepared to stand up for them, and argue their case. That’s why Broker Network is stepping in and taking action – we want to champion the independent broker’s cause and to help drive the message to the people that can make a difference."

For further information, please contact:

Kelly-Ann Knight	01423 554147
Head of PR & Communications	k.knight@brokernetwork.co.uk