§ Mr. CameronTo ask the Chancellor of the Exchequer (1) what representations he has received on the decision that the Insurance Mediation Directive will be administered by the Financial Services Authority under a statutory regime; [100678]
(2) what estimates he has made of the cost to (a) insurance brokers and (b) the insurance industry of complying with the Insurance Mediation Directive; and if he will make a statement. [100679]
§ Ruth KellyThe Government published a consultation document, "Regulating Insurance Mediation" on 21 October 2002 that set out its proposals on implementing the Insurance Mediation Directive. Consultation closed on 31 January 2003 and the Government received around 400 responses. Representations were received from trade bodies, insurance providers and insurance intermediaries as well as from travel agents and consumer organisations. A draft regulatory impact assessment (RIA), setting out the proposals in the consultation document, was published as annex E to the consultation document. The Government will be revising the draft RIA in the light of wider consultation responses.