The FSA will release its consultation document on the statutory regulation of intermediaries next week.
Insiders expect the document - comprising 91 pages with a 15-page executive summary - to be r ...
The FSA will release its consultation document on the statutory regulation of intermediaries next week.
Insiders expect the document - comprising 91 pages with a 15-page executive summary - to be released between 10 and 12 December.
An FSA spokesman confirmed the document was due to be released "soon", having overrun original release date of late November.
The document will contain greater detail on the planned regulatory regime than the Treasury consultation document, released in October.
In November the FSA's high street division head Sarah Wilson told Insurance Times that the FSA's first consultation document would cover the "selling process".
It will be quickly followed by a second document on appointed representatives, with a third document to be released at least a month later on "issues that affect the firm".
The FSA must consult on the documents and formulate policies by the second half of 2003.
ABI deputy director general Stephen Sklaroff said the FSA would need a "robust case" if its plans went beyond the regulatory requirements of the European Commission's Insurance Intermediation Directive.
"We're already concerned that FSA may classify some products, particularly health insurance products, as high risk," he said.
"We'll want to see the basis on which these judgments are made."
Sklaroff said it was vital there was no "regime drift".
"FSA have said publicly that they'll not simply transfer rules from other markets. We'll be holding them to that," he said.
