GISC members will receive credit when they apply for authorisation by the FSA, Insurance Times has learned.

The FSA's insurance regulator John Tiner wrote to the GISC today to congratulate the council on its regulation of the industry up to this point.

Tiner said the GISC's work had played a key role in enhancing consumer protection and improving the industry's image with consumers.

He said GISC membership would be good preparation for statutory regulation.

"We certainly expect membership of GISC to be a positive factor, that is that firms that have already satisfied GISC requirements will receive credit in the authorisation process," Tiner said.

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