Jardine Lloyd Thompson (JLT) has been forced to backtrack on its remuneration plans due to the market's failure to ban the use of market service agreements (MSAs).
JLT said it would consider "appropriate" market remuneration where it was competing with UK regional brokers that receive MSAs. It banned the practice of using MSAs following New York attorney general Eliot Spitzer's investigation in October.
JLT executive chairman Ken Carter said the vast majority of brokers and many insurers were still participating in MSAs despite the probe.
"A level playing field has not been created, but we haven't seen the last spin of this wheel. I don't think this unlevel playing field will continue to exist."
Carter said he was "surprised" that the proposed ban of MSAs had not evolved, and that regional players had rejected a total ban.
He added that JLT would monitor the situation closely, ready to enforce a full ban if the market moved in unison towards it.
