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Life Insurance Policies

Volume 87: debated on Tuesday 26 November 1985

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asked the Secretary of State for Trade and Industry if, before reaching a final decision as to whether to seek to compel salesmen in the United Kingdom to disclose their commissions when marketing life insurance policies, he will have regard to the practice in the rest of the European Economic Community, the United States of America and the major countries of the Commonwealth; and what such information is presently available to him.

[pursuant to his reply, 25 November 1985]: The proposals on commissions disclosure for independent life assurance intermediaries reflects the general principle in the financial services White Paper that agents should disclose their interest in a transaction. Practices in other countries are of little relevance, given the special features of the United Kingdom insurance market, and the fact that foreign intermediaries carrying on investment business in the United Kingdom will be subject to the same disclosure obligations.