Fees for brokers, say risk managers: Survey

LONDON—A majority of U.K. risk managers believe that brokers should be paid on a fee basis rather than commissions, according to a survey carried out at the Association of Insurance and Risk Managers conference last week.

London-based broker Oxygen Insurance Brokers Ltd. surveyed visitors to its exhibition booth at the conference held in London.

Of the 300 respondents to the survey, 78% said they believed brokers remuneration should come via fees, rather than commissions.

A large majority, 86%, said that how brokers are paid is important.

But 70% of respondents said they thought the broker sector had not changed greatly since the investigations into broker practices in the United States carried out by former New York Attorney General Eliot Spitzer and others.