A lack of response to the FSA's consultation paper on insurance selling and administration (CP160) could backfire on the industry. That's the stark warning from GISC.
GISC communications chief Catherine Nicoll said: "The FSA has told GISC it would welcome many more responses than it has received to date."
She added: "By submitting constructive comments and information to the FSA, general insurance practitioners have an opportunity to shape the regulation under which they will have to operate from January 2005.
"But the deadline of Monday 10 March is fast approaching. If you are not actively engaging in the consultation process, you are not contributing to the FSA's efforts to meet its strategic aim of an appropriate, proportionate and effective regulatory regime in which consumers, firms and other FSA stakeholders have confidence.
"The FSA is fulfilling its statutory duty to consult, but practitioners from a broad range of the market place must take this opportunity to read the full consultation paper and submit their views. Suggestions on the proposed regulatory regime will help to ensure that regulatory requirements are practical to implement while at the same time meeting FSA's objectives."
