The General Insurance Standards Council is currently winning the vote for the Insurance Times "regulator of choice" poll over the Insurance Brokers Registration Council – but only just.
GISC has so far polled 58% of the vote compared to 42% for the IBRC.
Insurance Times has been inundated with responses to our poll last week asking which regulator would you join.
The poll was staged following official confirmation that broker trade body the IIB will continue the broker regulatory body, the IBRC, after the Government repeals the Act that formed it.
The news thwarts industry attempts to set up a single regulatory body for general insurance under GISC.
But, while GISC has polled more votes, the IBRC has polled a higher percentage of brokers.
There is also the opportunity to add your own comments on the regulatory divide.
GISC says that without a single
regulator for all general insurance sellers, then the Financial Services Authority will take over regulation.
The IIB denies the FSA will be either unwilling or able to take over the role, and does not want to have a regulatory regime that includes insurers.
Meanwhile, IIB Director General Andrew Paddick has said that he is looking for a retired judge to become the chairman of the new IBRC Limited.
If you want to vote, click here
|IBRC vs. GISC (16/5/00)|
|Breakdown of votes|