§ Mr. VazTo ask the Secretary of State for Trade and Industry (1) how many representations he has received concerning commissions paid by insurance companies to other consultants;
(2) what plans the Government have to review laws governing the payment of commissions to consultants by insurance companies; and if he will make a statement.
§ Mr. RedwoodI have received 31 letters commenting on the report by the Director General of Fair Trading on disclosure of information about life insurance products and commissions paid to independent financial advisers. This report was published on 11 April this year and concluded that certain of the existing rules regarding disclosure of commission payments by insurance intermediaries were anti-competitive. The Department circulated a letter on 21 June seeking views of all interested parties by the end of September. The Secretary of State will take account of the responses to this letter, and of the other representations which have been made to him, before reaching a decision.