The insurance industry is braced for a decision on whether commission disclosure will be made mandatory next week, with the FSA calling major players in for a crunch meeting and its consultants preparing to publish their findings.
Biba and IIB officials are among industry representatives invited to a briefing on commission disclosure at FSA headquarters on Monday , to be chaired by FSA chief executive Hector Sants.
The FSA has also confirmed that CRA, the consultancy investigating whether there is a market failure around commission disclosure, will publish its findings on Monday.
It said the publishing of the report has no relation to the meeting on the same day.
A spokesperson said: “CRA has completed its reports and we will be discussing next steps in response to those findings. It is now about involving the industry.”
Andrew Paddick, director general of the IIB, who will be attending the briefing, said: “I think it is going to be an announcement on the way forward.
“[Hector Sants] might say ‘we have done this enormous review at substantial cost over many months and we are going to leave it as it was’ or ‘we are going to make it mandatory’.
“We have done our lobbying and given our views. There is not much more we can do.”
Steve White, regulation and compliance manager at Biba, confirmed he would be attending.
