Christmas spirit takes its toll on study of consultation papers
Biba is calling for brokers to read the FSA's consultation papers on insurance mediation after many fell foul of the Christmas spirit.
The consultation papers were released in early December 2002.
Brokers must submit their responses to the FSA on CP160 by 10 March and on CP159 by 31 March.
But few used the Christmas break to study the 109-page CP160 on insurance selling and administration or the 102-page CP159 on appointed representatives.
One broker, part of a network, said it was awaiting information from the network.
"We tend to go with the flow and react to what it sends us, but we're on course to being compliant and we're happy with that," the proprietor said.
Another was planning to study the document over the coming weeks.
"I had a brief look before Christmas, but not to the extent where I could make any worthwhile comment," the managing director said.
"It wasn't top of my Christmas list, but I do intend to look at it over the next couple of weeks as it is important to us."
A third admitted: "I was full of good intentions, but I'm afraid the Christmas spirit got the better of me.
"I was looking at it this morning and feeling a bit guilty."
Biba spokeswoman Jennifer Weller said the association had sent an email with an overview of the document to its members to help them get through it.
"It's so important that they do comment, because it's their future, so they need to get reading," she said.
The standards will provide a template for best practice for insurers, with those not coming up to standard being named and shamed.
Biba spokeswoman Jennifer Weller said she expected the final details to be thrashed out at Biba's board meeting in mid-January.
"It's something we've been thinking about for a long time, but we want to put something concrete in place," she said.
"Insurers have always been receptive to the idea."
