Willis Calls for ‘Transparency’ at European Commission Public Hearing

February 12, 2007

Willis Group Holdings Vice Chairman Richard Bucknall appeared before a hearing of the European Commission in Brussels on Friday, Feb. 9, to state the broker’s position on changes affecting “the global insurance broking industry.”

A bulletin on the Willis web site (www.willis.com) notes that in the face of “challenging assumptions and breaking molds,” Willis “continued its outspoken leadership on transparency – actively disclosing fees to clients and encouraging other brokers to follow suit.”

The bulletin also pointed out that “Willis was the only global broker invited to share its experience of transparency at a public hearing in Brussels.”

In the public panel discussions, the EC presented the preliminary findings of a Europe-wide Sector Inquiry into competition in member states in relation to business insurance. Bucknall, speaking on behalf of Willis, stated: “In representing our clients, we subscribe to the very simple view that they should know what we earn in exchange for the services and value we deliver, and that applies to all clients, small, medium and large. Brokers who ignore their clients’ best interests do so at their own peril.”

In conclusion, he indicated that while “implementing transparency may have been something of a challenge given the vast number of changes needed – and the need for people to change the way they think – the benefits have created a more open and professional partnership between Willis and its clients.”

Source: Willis

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