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October 19, 2004
Jeremy Warner's Outlook: Spitzer strictures spell insurance shake-up
The insurance team at JP Morgan will be feeling particularly pleased with itself this week. As far back as last January the investment bank's US analysts warned that contingent commissions, or "placement service agreements", were going to become a big issue for the industry in 2004. "Although the often undisclosed contingent commissions are legal, recent trends within the regulation of financial institutions suggest that such arrangements could well be prohibited, or significantly modified", they said in what has turned out to be a remarkably prescient circular.
Posted by Tom Troceen