Leader: Hushed money - the secret loans revealed

Insurers help their broker partners in many ways – but only ever for one reason. Dress it up how you will, they’re looking to get more business. And there’s nothing wrong with that, as long as it’s clear and above board. The publication this week of the Bribery Act shows the crucial importance of being transparent in all dealings across the business world.

But, as we reveal, in general insurance, insurers are routinely making multimillion-pound loans to brokers – and keeping them secret, often with confidentiality clauses. We’ve revealed some this week, but be assured, there are many more. Given the almost hysterical lengths to which insurer-owned brokers go to prove their independence, why does a different set of rules apply to brokers bankrolled by insurers in other ways? And isn’t it time the FSA woke up to this practice?

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