Institute of Insurance Brokers (IIB) director general Andrew Paddick has promised to continue the IIB's Regulatory Council, despite broker regulation being handed over to the FSA.

Paddick said the IIB would be "heavily involved in the regulatory discussions".

He said IIB members would have an "extremely strong case" for immediately qualifying for any future regulatory regime, due to their professional status and continuing professional development.

Paddick distanced the IIB from accusations that its legal actions against the GISC had caused the Treasury to lose patience with the industry's attempts to self-regulate.

"The decision has not been made because the GISC rules were judged to contravene the Competition Act following challenge," he said.