GISC rule 42 to go ahead
The Office of Fair Trading has approved the General Insurance Standards Council's rulebook, including...
The Office of Fair Trading has approved the General Insurance Standards Council's rulebook, including rule 42.The OFT has decided that the rules to which GISC members adhere do not infringe the Competition Act 1998. Under rule 42, member insurers may only conduct business through GISC-member brokers. The GISC now hopes to implement the rules within the next two to three months.
John Vickers, director general of the Office of Fair Trading, said: "Self-regulation can protect consumers and give
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