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Treasury minute concerning a contingent liability consequent upon indemnification for former members of the Insurance Brokers Registration Council and its statutory committees against personal civil liability claims. (Vote)

Type

Unprinted command papers

Date

10 April 2001

House

House of Commons

Financial Services and Markets Act 2000 (Dissolution of the Insurance Brokers Registration Council) (Consequential Provisions) Order 2001

SI 2001/1283 (Negative instrument). Coming into force 30 April 2001

Department

Treasury

Type

Statutory instruments

Date

30 March 2001

Reference

SI 2001/1283

House

House of Commons; House of Lords

Insurance Brokers Registration Council (Registration and Enrolment) (Amendment) Rules Approval Order 2000

SI 2000/3163 (Negative instrument). Coming into force 31 December 2000.

Department

Treasury

Type

Statutory instruments

Date

30 November 2000

Reference

SI 2000/3163

House

House of Commons; House of Lords

Deposited Paper Dep 99/1874 [17693]

Insurance Brokers Registration Council. Draft SI on Insurance Brokers (Registration) Act 1977 (Amendment) Order 1999. includes list of documents relating to SI and Draft SI on The Insurance Brokers Registration Council Election Scheme Approval Order 1999. Treasury. 1999.

Deposited by

Treasury

Type

Deposited papers

Date

23 November 1999

Reference

Dep 99/1874 [17693]

House

House of Commons

Insurance Brokers Registration Council Election Scheme Approval Order 1999

SI 1999/3030 (Negative instrument). Coming into force 29 November 1999.

Department

Treasury

Type

Statutory instruments

Date

8 November 1999

Reference

SI 1999/3030

House

House of Commons; House of Lords

Insurance Brokers (Registration) Act 1977 (Amendment) Order 1999

Draft SI on Insurance Brokers (Registration) Act 1977 (amendment). Lords debate on motion to approve. Agreed on question.

Lead member

Lord McIntosh of Haringey

Answering member

Baroness Seccombe

Department

Treasury

Type

Debates on delegated legislation

Date

29 October 1999

Reference

606 c535-7

House

House of Lords

Insurance Brokers (Registration) Act 1977 (Amendment) Order 1999

Draft SI on Insurance Brokers (Registration) Act 1977 (amendment). Considered by Standing Committee. Agreed to on question.

Lead member

Melanie Johnson

Department

Treasury

Type

Debates on delegated legislation; Delegated Legislation Committee proceedings

Date

28 October 1999

Reference

3rd SC on DL

House

House of Commons

Insurance Brokers (Registration) Act 1977 (Amendment) Order 1999

Draft SI on Insurance Brokers (Registration) Act 1977 (amendment). (Affirmative instrument). Approved by Parliament. Made 3 November 1999 (SI 1999/3000). Coming into force 8 November 1999.

Department

Treasury

Type

Statutory instruments

Date

19 October 1999

Reference

SI 1999/3000

House

House of Commons; House of Lords

Treasury

Statement on plans for regulation of intermediaries dealing in general insurance. - Inc ref to 317 c23-4W, 27 July 1998.

Asked by

Jackie Lawrence (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Tabled on

29 June 1999

For answer on

1 July 1999

Answered on

1 July 1999

Ms Lawrence: To ask the Chancellor of the Exchequer what plans he has for regulation of intermediaries dealing in general insurance. [89460] Ms Hewitt: As the former Economic Secretary (Mrs. Liddell) announced on 27 July 1998, Official Report, columns 23-24, the Financial Services and Markets Bill, now before the House, will provide for the repeal of the Insurance Brokers (Registration) Act 1977. Subject to the approval of Parliament, this will end the statutory status of the Insurance Brokers Registration Council (IBRC). The Joint Committee on Financial Services and Markets' recent report on the draft Bill supported this approach. I am grateful to the current IBRC members for their work in continuing to serve on the Council in the interests of the insurance broking community during the present transitional period. To assist them in that task, I have today, under existing powers, nominated three new members to fill vacancies on the Council, to serve until the Council's statutory status ends: Ronald Armstrong OBE Bryan Lincoln Dr. Oonagh McDonald CBE. I am pleased that, since my right hon. Friend's announcement, the insurance industry, including general insurance intermediaries, has risen to the challenge she outlined. A broad-based range of support has developed for the General Insurance Standards Council (GISC), a new voluntary body to promote high standards of professional conduct among general insurance intermediaries. The GISC is committed to strengthening industry standards and developing general insurance intermediaries' services to the public in all parts of the market. It plans to complement the statutory responsibilities of the Financial Services Authority (FSA) while stripping away unnecessary regulatory requirements on general insurance intermediaries. The GISC has gathered support with impressive speed. If it can fulfil its promise, it will provide valuable services to both general insurance intermediaries and their customers. There may in future be a case for statutory regulation of general insurance intermediaries. If so, the Financial Services and Markets Bill contains a provision which would enable the Treasury to specify regulated activity, and to give regulatory responsibility to the FSA. For the moment, I have no plans to specify advice on general insurance as a regulated activity.

Date

1 July 1999

Reference

334 c261W; 89460

House

House of Commons

Deposited Paper Dep 99/1075

Funding compensation and allocation of levies arising from defaults of firms formerly authorised by the insurance brokers registration council. PIA consultative paper 30. PIA. 1999.

Deposited by

Personal Investment Authority

Type

Consultation papers; Deposited papers

Date

25 May 1999

Reference

Dep 99/1075

House

House of Commons

Treasury

To ask the Chancellor of the Exchequer, pursuant to his answer of 7 April 1998, 311 c151-52W, what are the Government's plans for the Insurance Brokers' Regulation Council.

Asked by

Ivor Caplin (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Tabled on

24 July 1998

For answer on

27 July 1998

Answered on

27 July 1998

Mr. Caplin: To ask the Chancellor of the Exchequer, pursuant to his answer of 7 April 1998, Official Report, columns 151-52, what are the Government's plans for the Insurance Brokers' Registration Council. [53230] Mrs. Liddell: Following my announcement on 7 April, the Treasury has consulted the insurance industry and its customers on insurance intermediary regulation and on the future of the Insurance Brokers Registration Council (IBRC). Most responses identified weaknesses in the present arrangements for general insurance intermediaries. The existing hybrid framework, using the Insurance Brokers (Registration) Act 1977 supplemented by the Association of British Insurers' General Business Code of Practice, was regarded as incomplete and outdated. Set up under the 1977 Act, the Insurance Brokers Registration Council regulates the use of the title `insurance broker' and maintains professional standards among those intermediaries who use it. While there was recognition that the Council had provided a valuable service, there was a consensus that circumstances have changed in such a way as to bring its existence in its current form into question. I have therefore decided that proposed legislation to reform the financial services regulatory structure should include power to repeal the Insurance Brokers (Registration) Act 1977. Repealing the 1977 Act will end the statutory basis of the Council. I now look to the industry itself to put the desired standards on a soundly established footing from which they will command widespread support. The industry proposals for voluntary standards, initially made in response to the recent consultation, are at an early stage. They now require detailed development. The Treasury would support further consolidation of consensus support from insurers, from insurance brokers and other intermediaries, and from commercial and personal customers. They now need to build on the IBRC's work to generate constructive ideas for a modern flexible body to set standards for the insurance market and to meet the challenges it will face in the future.

Date

27 July 1998

Reference

53230; 317 c23-4W

House

House of Commons

Treasury

Statement on the future scope of regulation by the Financial Services Authority. - Inc figs and announcement of a Treasury consultation paper published today (in Library as Dep 98/228).

Asked by

Ivor Caplin (Labour)

Answering body

Treasury

Type

Written questions

Status

Answered

Tabled on

6 April 1998

For answer on

7 April 1998

Answered on

7 April 1998

Mr. Caplin: To ask the Chancellor of the Exchequer if he will make a statement on the future scope of regulation by the Financial Services Authority. [38430] Mrs. Liddell: As has already been announced, we propose to publish for consultation this Summer draft legislation to reform the structure of financial services regulation. This will bring together regulation of investment business, deposit-taking and insurance business under a single regulator, the Financial Services Authority. The legislation presents an opportunity to ensure that the Financial Services Authority has the powers it needs to regulate effectively, and to provide for the scope of statutory regulation to be extended to new activities in the event that self-regulatory mechanisms fail to deliver the standards that the Government and consumers expect. The Government have been considering how best we can carry forward the Government's manifesto commitment for fair dealing in mortgages, the most significant transaction many people undertake. I have decided that the proposed legislation to establish the Financial Services Authority as a single regulator will include powers for the Treasury to extend the scope of activities regulated by the Financial Services Authority. The activities that could if necessary be regulated will include mortgage business. The case for regulating mortgage business will be regularly reviewed by Ministers. The first review will take place before the Bill comes into force. In the meantime the Treasury will monitor the Code introduced by the Council of Mortgage Lenders (CML) in July 1997 to see whether it can deliver the Government's objectives without statutory intervention. The Council of Mortgage Lenders is currently bringing intermediaries within the Code's scope, and introducing appeals arrangements. It is too soon to decide whether the Code, on its own, is capable of protecting mortgage borrowers to the standard that the Government are determined to see achieved. Whether statutory mortgage regulation is introduced will depend upon a number of factors, including the extent to which the Code secures good quality advice for prospective borrowers and provides remedies for borrowers' legitimate grievances. The Treasury will ask the Council of Mortgage Lenders to report on the impact of the Code, and provide statistical background. The Treasury will also look to the Department of Trade and Industry and the Office of Fair Trading to monitor the impact of recent changes in the guidelines for non-status market lenders and brokers, and the upper limit to which these consumer credit agreements apply from £15,000 to £25,000. In addition, the Treasury will look to the Financial Services Authority for an assessment of the likely costs of activating the reserve power, to assess whether they would be commensurate with any potential benefits. Others with knowledge of the mortgage market would also be consulted before any decision is made. The draft Bill will also make it possible to extend statutory regulation to include the conduct of retail banking and non-life insurance business. We have no plans at present to extend the scope of regulation in these areas, but standards of conduct and the risks faced by consumers will be kept under review. Regulation would be extended only after consultation, including an appraisal of the costs and benefits. The Government have also decided to consult on the future of the Insurance Brokers Registration Council. A consultation paper has been published today by the Treasury. Copies have been placed in the Library of the House.

Date

7 April 1998

Reference

310 c151-2W; 38430

House

House of Commons

Insurance Brokers Registration Council (Conduct of Investment Business) Rules Approval Order 1996

SI 1996/1151 (Negative instrument). Coming into force 17 May 1996.

Department

Department of Trade and Industry

Type

Statutory instruments

Date

23 April 1996

Reference

SI 1996/1151

House

House of Commons; House of Lords

Insurance Brokers Registration Council (Indemnity Insurance & Grants Scheme) (Amendment) Rules Approval Order 1992

SI 1992/2866 (Negative instrument). Coming into force 15 December 1992.

Department

Lord Chancellor's Department

Type

Statutory instruments

Date

18 November 1992

Reference

SI 1992/2866

House

House of Commons; House of Lords

Written question

What regulation exists with regard to the handling of client money by members of the Law Society, estate agents, mortgage brokers, accountants and members of the Investment Brokers Registration Council; and whether he proposes to make changes in such regulations. (Holding answer 18 July 1991).

Asked by

Jim Cousins (Labour)

Answering body

Department of Trade and Industry

Type

Written questions

Status

Answered

Date

24 July 1991

Reference

195 c721-2W;195 c720-1W

House

House of Commons

Written question

What methods of redress exist, and what compensation schemes apply, to those clients with complaints against members of the Investment Brokers Registration Council.

Asked by

Jim Cousins (Labour)

Answering body

Department of Trade and Industry

Type

Written questions

Status

Answered

Date

18 July 1991

Reference

195 c261W;195 c259W

House

House of Commons

Oral answer to question

Answered by

Eric Forth (Conservative)

Answering body

Department of Trade and Industry

Type

Oral answers to questions

Date

16 May 1990

Reference

172 c875

House

House of Commons

Oral question

Supplementary on consumer protection & Insurance Brokers Registration Council action over Wessex Trust affair

Asked by

Lord Ashdown of Norton-sub-Hamdon (Liberal Democrat)

Answering body

Department of Trade and Industry

Oral questions - 1st Supplementary

Status

Answered

Date

16 May 1990

Reference

172 c875

House

House of Commons

Written question

When was the last meeting with the chairman & secretary of the Insurance Brokers Registration Council; & what matters were discussed.

Asked by

John Greenway (Conservative)

Answering body

Department of Trade and Industry

Type

Written questions

Status

Answered

Date

26 October 1988

Reference

139 c292W;139 c290W

House

House of Commons

Deposited Paper DEP 4017

Rules of the Insurance Brokers Registration Council on investment business. 1988.

Deposited by

Treasury

Type

Deposited papers

Date

1 July 1988

Reference

DEP 4017

House

House of Commons

Librarians' tools

Type

House

Session

Year

Department

Member

Primary member

Answering member

Legislative stage

Legislation

Subject

Publisher