§ Mr. Stephen O'BrienTo ask the Secretary of State for Trade and Industry what representations she has received from business on the(a) registration costs and (b) authorisation process for companies offering customer insurance under the Financial Services and Markets Act 2002. [160132]
§ Ruth KellyI have been asked to reply.
The Government are giving the Financial Services Authority (FSA) responsibility for regulating general insurance mediation as from 14 January 2005. This implements the European Union's Insurance Mediation Directive. On 5 June 2003, the Government published a regulatory impact assessment (RIA) to accompany the implementing legislation. This is available from the Treasury website www.hm-treasury.gov.uk. The RIA took into account comments front business and others made during the public consultation on the draft legislation. Under its statutory responsibilities, the FSA is obliged to consult on and to carry out a cost benefit analysis on its regulatory activities and others made during the public consultation on the draft legislation.
1426WUnder its statutory responsibilities, the FSA is obliged to consult on and to carry out a cost benefit analysis on its regulatory activities