Brokers team up with Insurance Times to run roadshows on regulation

The British Insurance Brokers' Association (Biba) will run a series of roadshows around the country to help brokers understand the implications of the Financial Services Authority's (FSA) decision to introduce compulsory regulation for general insurance brokers.

The roadshows will be run in association with training and competence consultancy Robin Wood Associates and Insurance Times.

Biba chief executive Mike Williams explained that the series of 15 roadshows is intended to prepare brokers for regulations that are meant to come into force in two years time. "The roadshows will run from late March for about two and a half weeks," he said.

"They will review what has happened to regulation in the past year since the demise of the Insurance Brokers Registration Council (IBRC)," he said.

Future regulation
The roadshows will look at the rise of the General Insurance Standards Council (GISC) and then take a look at how regulation for independent financial advisers has emerged under the guardianship of the FSA.

"There are a number of broad-brush principles applied by the FSA in regulation and we will be examining these and how they will shape the future regulation of brokers," added Williams.

"By the autumn of 2003, brokers will have to apply to the FSA in order to gain the authority to trade. That means brokers should be starting to look at training, financial prudence and other issues now," said Williams.

"Brokers have to remember, if they are not authorised they will not be in business," warned Williams

"At the end of the roadshows, we will be asking delegates to sign up to the Biba compliance framework - a service to help brokers to achieve compliance with regulations," Williams added.

The roadshows will cost £135 for Biba members per delegate and £165 for non-members. Specific dates for the roadshows will be announced shortly. If you email she will send details as soon as they are finalised.