Marsh has welcomed the EU Competition Commission's interim report on business insurance.
The broker and risk management provider has indicated that the Commission's concerns about potential conflicts of interest must be resolved in the best interest of clients.
Marsh director Toby Foster said: “What this report makes plain is that insurance intermediaries should be putting clients at the core of everything they do. At Marsh, we believe that is not only good business practice but an imperative of operating in an increasingly sophisticated, globalised economy.
“We are pleased that the Commission has acknowledged that the role of the broker has evolved to provide a range of services and strengthening the position of clients in the market. Furthermore, they have found that brokers are using their resources to offer a variety of additional and innovative services to their clients.”
“However, like the Commission, we share considerable reservations about the continued accepting of contingent commissions by some brokers. We will continue to make the case strongly that, in the interest of clients, this practice should end.”
Foster added: “We also welcome the Commission's decision to seek further input on various issues and to hold a public hearing. We look forward to playing our part in ensuring that, when the final report is released, it is clients that benefit.”
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