Officials at the General Insurance Standards Council have taken steps to place tighter restrictions on any of its members, ahead of FSA regulation and the possible influx of last-minute new GISC members.
Under the current terms of the FSA’s authorisation process, members of the voluntary GISC professional body will be given “due credit” for their membership when it comes to applying for FSA authorisation, as the GISC is seen to require a high level of standards from its members. That said, the GISC appears to be concerned the self-regulatory voluntary body could be subject to “exploitation” and inundated by advisers or brokers who sign up just ahead of general insurance regulation being introduced on January 15th, 2005. As a result, it has tightened its own membership and announced b...
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