JUMPING THE TURNSTILE

So the FSA eventually opened the turnstiles as kick-off approached and waved everyone through. Not just those still patiently waiting in the queue from last summer, but also those who hadn't even bothered to join the waiting throng.

January FSA national press adverts confirmed firms could continue

It's just another example of how latecomers often get away with it. Like first arrival at that posh restaurant when you complied with the ma?tre d'h?tel's request for collar and tie, only to see that rule waived as the later diners turned up.

Or that time you paid through the nose for that conference exhibition stand, only for these to be practically given away to latecomers when the organisers failed to fill their quota.

However, this time the early birds should have the last laugh. Are firms taking advantage of this last minute respite really capable of receiving eventual authorisation if that's the way they run their business? When FSA clears its backlog and flexes its muscles, it's here the axe should fall.

But it means FSA will have its hands full, putting back the day when it eventually catches up with travel agents and others selling insurance who have only temporarily slipped through the net - or so we are led to believe.

Goodbye CISC. The voluntary regulatory body established in 2000 did a good job, all things considered. If the plan hadn't been derailed, the General Insurance Standards Council could now be the compulsory regulatory body rather than the FSA, who, given the choice, would probably have opted out of getting involved with general insurance altogether in the light of their experience so far. Brokers who volunteered for the CISC experience probably don't regret it.

H.M. Government's desire to gold plate every directive coming out of Brussels yet again places brokers wishing to provide cross border services, or open a European branch, at a disadvantage. It also appears that some EU member states have inexplicably failed to implement the insurance mediation directive by the January deadline. No doubt the EU will open its turnstiles too.