The British Insurance Brokers Association (BIBA) is frustrated at the result of a Financial Services Authority (FSA) review into transparency in the commercial insurance market.

Eric Galbraith, chief executive of BIBA, told trade journal the Insurance Times that its members had been totally involved in the review both from the point of view of market failure analysis and cost-benefit calculations.

He said: "The FSA began this process nearly two years ago and we are frustrated that even after a forensic review which proved that the costs of mandatory disclosure fall disproportionately on smaller firms and exceed the benefits of disclosure, the FSA is still continuing to spend valuable time and resources on this matter.

"We believe these resources would be better spent on other issues.”

He went on to say that BIBA continued to believe that "a market solution is the way forward" and would continue to work with the FSA in addressing conflict-of-issue scenarios.

The FSA is at present the regulatory body of the financial services industry.

Its role evolved partly as a result of public confidence having been eroded in the wake of the pensions and endowment miss-selling scandals.

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