The Institute of Insurance Brokers (IIB) has called on Insurance Brokers' Registration Council (IBRC)-registered brokers to cough up as much as £100 apiece to fund its legal challenge to the Office of Fair Trading's (OFT) clearance of the General Insurance Standards Council's (GISC) rulebook.
The IIB says the challenge mirrors its battle to stop brokers being regulated separately by Fimbra in 1987 – a battle the IIB won.
IIB director general Andrew Paddick said: “We must seriously question why the GISC was not investigated under chapter two – especially as this was robustly brought to the OFT's attention in writing by the IIB.”
It has requested the money within seven days.
