The General Insurance Standards Council (GISC) is now granting intermediaries more time to get their membership applications in, due to an appeal that is currently under review by the Competition Commission Appeal Tribunal.
The new general insurance regulator is now postponing the implementation of rule F42, but has yet to decide on a revised deadline.
Rule F42 requires that GISC members only deal with those intermediaries in the distribution chain who are also regulated by the GISC. The rule was originally due to come into force on 1 September 2001, a date which was then moved back to 15 October. However, an appeal brought by the Association of British Travel Agents and the Institute of Insurance Brokers questioning the legitimacy of this has led to the bodies recommending that their members should await the decision of the Tribunal before joining GISC.
Anthony Howland, chairman of GISC, said: ‘We are expecting the decision from the Tribunal by mid-August. Whatever the result, we want all firms to know there will be time for them to consider their position once the decision of the Tribunal is known.’