Mike Williams, chief executive of the British Insurance Brokers' Association (Biba) warned that some people would blame dissenting voices within the industry for driving it into statutory regulation. ...
Mike Williams, chief executive of the British Insurance Brokers' Association (Biba) warned that some people would blame dissenting voices within the industry for driving it into statutory regulation.
Biba has been a strong supporter of the GISC.
Williams said: "We've been warning people and saying consistently that if you get a situation where you can't demonstrate that the GISC has the total support of every single sector of the industry there's always a danger that we will be accused of not getting our act together.
"There's an argument that those who fought against GISC and argued against it have caused sufficient damage to drive us into the arms of the FSA.
"Obviously in the long term the GISC's future at the moment isn't entirely clear but I would take comfort from the fact they are talking about consultation. It would seem they are looking for people and the industry to support GISC for the time being.
"You can't dismantle it and put into place a statutory arrangement over night."
Even if the FSA absorbed just the GISC's current 7,000-strong membership, it would double the number of firms it regulated, he said.
He denied today's decision was a slap in the face for GISC and the industry figures who had worked for its success.
"If the minister has made a statement as I understand she has, or was intending to, which makes reference to the good work of the GISC I wouldn't say it's a slap in the face.
"Who knows what elements of GISC will be adopted by the FSA?"
