Threat of enforced commission disclosure fades as European bodies follow UK lead
An agreement between European broker and risk management associations is the clearest sign yet that the revised Insurance Mediation Directive (IMD) will opt for commission disclosure on request rather than making it compulsory, according to regulatory experts.
The Federation of European Risk Management Associations (Ferma) and the European Federation of Insurance Intermediaries (Bipar) have signed a protocol on the transparency of intermediation.
The contract recommended brokers voluntarily inform their clients whether they have received commission and then disclose the amount upon request.
Both federations have advised their respective member associations to use this protocol as a framework to enable them to agree and issue guidance on intermediary
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