The Financial Services Authority (FSA) has called on broking's big hitters to help it shape future regulation for intermediaries.

The as-yet unnamed group will meet for the first time later this month.

FSA chief executive John Tiner will chair the meetings, aided by recently appointed high street firms division head Sarah Wilson.

An FSA spokesman said he could not release the names of the brokers involved, as not all those invited had agreed to take part yet.

He said the authority had called together "a group of knowledgeable people, so we can benefit from their experience".

Lloyd's Insurance Brokers Committee executive director David Hough confirmed he had accepted his invitation.

"We look forward to a long and fruitful debate," he said.

Smart & Cook managing director and Broker Alliance chairman Paul Meehan has also agreed to join the strategy group.

He said he would represent the interests of independent provincial brokers.

"I just want to get an idea of how they see regulation starting in 2004 and talking to [Tiner] about how we see it and how we were regulated in the past," he said.

Meehan, who played a large part in the Insurance Brokers' Registration Council, was close to the Institute of Insurance Brokers, which operated in opposition to the General Insurance Standards Council.

However, he said it was time for the industry to unite in time to impact upon the regulatory regime. "That segmented approach has been overtaken by events," he said.

The Broker Network managing director Grant Ellis confirmed he had also been invited to join the group.

It is understood Biba's Mike Williams will also be in the group.

Ellis said he would represent 110 brokerages across the UK, which he described "community brokers".

He said he was very keen to discuss issues important to brokers with the FSA.

Similar standing committees that are already working with the FSA include on the with-profits review panel and mortgage regulation.

Independent meeting
Independent Insurance liquidator Dan Schwarzmann of PricewaterhouseCoopers (PWC) look set to seal a deal with brokers over the return of premium and commission by the end of the week.

British Insurance Brokers' Association (Biba) chief executive Mike Williams, Schwarzmann and some brokers met on Tuesday to discuss the deal.

Although they refused to reveal any details, it is believed Schwarzmann will release a statement by tomorrow, to which brokers will be ready to sign up.

Williams said it was a good, constructive meeting, but the issues discussed had to be legally double-checked because they were still open to interpretation.

"It is so complex, it would be dangerous to comment on yet," he said.