The Financial Services Authority (FSA) has said it will give due credit in the application process to the General Insurance Standards Council (GISC) members in good standing.
It remains to be seen how much consideration the FSA is willing to extend, but our own recent experience at the hands of Ernst & Young in the audit process left us with a feeling of thoroughness and fairness for the GISC. This is something that must be good for the industry as we move towards statutory regulation in 2004.
Monitoring was both constructive and balanced and provided an element of useful consultancy for some of the plans we have for our rapidly expanding brokerage.
As time goes by, the FSA consultation period and rules will take shape, but in the meantime it is credit where credit's due (at least for 24 months) as far as GISC is concerned.
Director and compliance officer
The Davis Group