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

Eric Galbraith, from BIBA, told trade journal Insurance Times that his members were co-operating fully with the review in terms of both cost-benefit calculations and future-failure analysis.

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.”

The FSA has evolved from an amalgamation of other regulatory financial bodies become the government's financial services watchdog.

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