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Move means end for GISC

Last week&#39s announcement by the Treasury that all insurance advice will become statutorily regulated sounds the death knell for the General Insurance Standards Council.

Both the Government and GISC have confirmed that the self-regulatory body will be phased out once the FSA takes over responsibility for regulating insurance advice in 2004.

The Treasury came to its decision after the European insurance intermediaries directive stated all insurance advice will have to be statutorily regulated.

IFAs are unlikely to regret the passing of GISC after earlier this year it tried to prevent its provider members from conducting business with non-member intermediaries.

Pensions & Investment Management principal Phil Moore says: “I am happy the GISC will no longer exist. The added membership costs were an unnecessary burden. I would hope that, because we are IFAs, the FSA will pay less attention to us than others, though.”

ABI head of media and political affairs Alan Leaman says: “We are supporters of GISC. It is doing a good job. There are already high standards in the industry and the Government has stressed this decision has not come about as a result of problems.”

Aifa director general Paul Smee says: “I suspect this was inevitable given European legislation. It will create a one-stop shop for IFAs, which is a step forward. The boundary between the GISC and the FSA was not well drawn.”


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