The Institute of Insurance Brokers will be heavily involved in future consultation with the Financial Services Authority (FSA) but warned no-one will escape regulation, IIB chairman Andrew Paddick tol ...
The Institute of Insurance Brokers will be heavily involved in future consultation with the Financial Services Authority (FSA) and warned no-one will escape regulation, IIB chairman Andrew Paddick told Insurance Times.
He said the industry had until 2004, when the EU Intermediaries Directive is scheduled to come into force, before the full powers of the FSA will be implemented.
Paddick said: "This spells the end of the General Standards Insurance Council (GISC). Many people at GISC will probably feel as though they have been led up the garden path and then dumped because the government would not give it statutory powers."
He said it was sad the Insurance Brokers Registration Council (IBRC) was repealed last April because its brief was to introduce statutory regulation across the industry.
"IBRC originally advocated statutory regulation and it's a shame it was abolished. Many people avoided joining and avoided joining GISC but no-one will escape now," he said.
The IIB will not challenge the decision, he said, and will give its assistance to the FSA.
"We must give our industry a clean bill of health and we at the IIB must get what is best and right for our members."
