Brokers applaud PB's regulation roadshows

More than 700 brokers and 1000 delegates attended the Professional Broking Regulation Roadshow, making the UK-wide events a resounding success.

The brokers listened to speakers from the Financial Services Authority, Chartered Insurance Institute, Zurich Financial Services, InsurE-com, Towergate, and Close Premium Finance and visited an 11-strong exhibition.

John Crowther, associate director of Blythin & Brown, attended the Birmingham roadshow, describing it as "the best presented roadshow I have attended".

Peter Wilby, chairman of WILBV, attended the Manchester roadshow and said it was "an excellent day".

David Wheatley, director of Beddis Hobbs, attended the Birmingham roadshow and used the opportunity to grill Mike Chester, compliance manager of Zurich Financial Services, and Eleanor Linton, head of policy of the high-street firms division of the FSA.

He asked what insurers would do to make the regime a success, adding: "Would putting the price up justify a complaint? If the customer has got no other option then surely it is valid. The Association of British Insurers has talked about giving 21 days on renewals - the FSA should get involved."

- Are solvency margins judged on our net assets or our current assets?

It is very complex, some assets are in and others are out. I'm afraid brokers will just have to go through the policy statement on this one - the Financial Services Authority has compiled a list of what is included. You will also need to check what is included in your income for regulatory status.

- Bob Golden, chief executive, Close Premium Finance

- Is a renewal counted as a completely new sale?

It becomes a new sale if the policy is being renewed for more than one year. If the insurer is changed it is also a new sale. If it is not a new insurer, it is not a new sale. However, you do need a positive affirmation to make a renewal. Under the Distance Marketing Directive, you cannot allow things to roll over.

Eleanor Linton, head of policy at the high-street firms division, FSA

- Is the FSA still intending to give members of the General Insurance Standards Council due credit?

Yes. We have been looking at how this will work in practice and we will announce what it means shortly.

Eleanor Linton

- Has the FSA given a definition of a complaint?

Yes, in the Complaints Source Book. This is the regime for insurers and it is now being opened to intermediaries. It includes any expression of dissatisfaction, whether given orally or in writing.

Mike Chester, compliance manager, Zurich.