The unregulated world of e-commerce provided headaches recently for international legal firm Ashurst Morris Crisp when it advised Iron Trades on the establishment of – the insurers new e-commerce venture.

"There is no real guidance yet on this yet either from government or the regulators and trade bodies," said Ashurst's Vivienne Suter. "From a financial services regulatory angle, the real achievement was to take the mixture of law and regulation governing the sale of products like motor insurance and apply it successfully to a new sales medium."