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