The General Insurance Standards Council (GISC) has been forced to delay the implementation of Rule F42 in light of challenges from the Institute of Insurance Brokers (IIB).
October 15 will be the new date for the proposed start of the transitional period. The anticipated date for full implementation of Rule F42 remains unchanged.
The IIB issued proceedings with the Competition Commission Appeal Tribunal after its case was thrown out by the Office of Fair Trading.
GISC chairman Anthony Howland Jackson said: “We are expecting the decision from the tribunal by mid August. Whatever the result, we all want firms to know that there will be time for them to consider their position once the decision of the tribunal is known. Some in the industry intend to delay their decision about their regulatory status until that time.”
Until October 15, GISC members are free to deal with non-members and intermediaries may operate without GISC membership appointed status.
