GISC may review its membership procedures in the coming months in a bid to provide existing members with "credible" due credit in the authorisation process.

Speaking at the Mansion House Vox seminar on insurance regulation, GISC general manager Branko Bjelobaba, stated GISC's position on the issue. He said that a point will be reached in the run up to FSA regualtion where new members of GISC will not receive "due credit".

He added: "Time is running out for our members to become compliant.

"With this in mind it would be foolish to encourage new members to come on board with the promise that they will be given due-credit with the FSA. This could dilute the strength of GISC accreditation."

Responding to suggestions that GISC should play a greater role in the run-up to FSA authorisation, Bjelobaba said that the industry was "failing itself" through "incomplete staff training".

He said: "Smaller brokers are not getting fully involved in the compliance process."

Intermediaries are understood to prefer a "hands-off" approach to the process.

The Broker Network's Grant Ellis said brokers preferred guidance rather than a leading role.