IIB director general Andrew Paddick called for the wholesaling of insurance to be made a special permission under FSA regulation. "There have been countless, problems with wholesale insurance providers," said Paddick.
Cox said its profits for the current financial year could take a hit of up to £4.5m but Utley said he did not anticipate a major change in company business practices.
Cox said its premium finance subsidiary, Can Do Finance, had some 26,000 outstanding loans with Tribune customers. It has offered Tribune policyholders free cover. As long as Tribune customers kept up their direct debits they would be covered by valid policies.