Freight forwarders will be removed from the scope of FSA insurance regulation, the government has announced.
Economic Secretary to the Treasury Ed Balls said the move would decrease regulation and promote its international competitive-ness.
He said the move was a practical example of the government's "pragmatic and risk-based approach" to better regulation.
Balls said: "As well as assessing whether European regulation is necessary and in the national interest, we must ensure it is being implem-ented in a sensitive and light touch manner with no unnecessary gold-plating."
Chancellor Gordon Brown's high level group, comprising key stakeholders from industry, financial services and local and central government, had been involved in negotiations before the decision was reached.
Unnecessary burdens on industry needed to be abolished and businesses listened to, Balls added.
The Treasury will make the regulatory change through secondary legislation which will follow a public consultation later this year.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
