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) |
| || IBRC || GISC |
| Total || 42% || 58% |
| Breakdown of votes |
| Broker || 58% || 29% |
| Insurer || 11% || 23% |
| Intermediary || 16% || 33% |
| Other || 16% || 16% |
Pro-GISC Anything which Andrew Paddick is pushing must be treated with caution. (Broker)
It is important there is only one regulatory body for the industry. (Broker)
The GISC may not be the perfect answer but if it's the only one way to avoid statutory regulation, it remains the only viable option. (Broker)
It is very sad that the dinosaurs in the broker fraternity wish to cling to the old ways. When will they realise that the world is changing whether they like it or not? Our industry needs to move forwards. (Broker)
With the repeal of IBRA, the IBRC will carry no weight, if it ever has. Only a single credible body is likely to satisfy the FSA in the long run and restore/maintain consumer confidence. (Broker)
Pro-IBRC We do not wish to be in a regulatory regime run by and involving insurers. Insurance brokers should regulate themselves. (Broker)
Having been in the business for more than 34 years, I find regulation is now overpowering. I have also found the IIB to be always at the front when looking after the brokers' interests. (Broker)
GISC will always be tainted by Bancassurers who did not wish to comply with IBRA or were unable to do so through their devious practices, and will inevitably dilute any effect GISC will have on their business. (Broker)
After formation of IBRC insurers couldn't care less who they dealt with and were happy to deal with unregistered firms under their own ABI rules. Now they want to insist IBRC is no good and we must be GISC. Why such a change of heart? (Broker)