Professionalism: The industry could become a profession almost overnight

Mr Blackburn's statement came in response to Axa commercial lines and personal intermediary CEO Amanda Blanc's comments that chartered status was "far, far more than a simple badge".

He wrote: "I am all for the insurance industry becoming a profession. Chartered status is an excellent vehicle for this but as it is voluntary there will always be many, for a variety of legitimate reasons, who will not wish to become chartered."

According to Mr Blackburn the situation will mean the insuring public