2. Tentative Agenda GISC Update
Mood of Industry, H.M.G. and Consumer Bodies
Evolution and Change
Strengths and Weaknesses of the System
Conclusion

3. GISC Update: Origins, Objectives and Launch Feedback to Consultation
Rules
Frequently Asked Questions
Membership Statistics
OFT and Rule 42

4. OFT and Rule 42 First Consultation Necessary Glue for the System
Members May Only Deal with GISC Intermediaries
Anti Competitive
OFT Clearance Required
Implementation of Rule 42

5. Mood of Industry, H.M.G. and Consumer Bodies:
Generally Supportive But Cautious About Change
H.M.G. Totally Supportive – IBRA Repeal 30 April
Board Commitment to be Sensible/ Pragmatic
Monitoring
Discipline
Consumer Groups Supportive But Expect More Public Interest Representation
Expectation for Rules to be Evolutionary

6. Evolution and Change - Political:
An Independent Regulator
Effective Engagement with Consumers
Relationship with the FSA
What is GISC’s Political Future?
Constitution

7. Constitutional Change:
Debate Commenced
Respect for Modern Corporate Governance
Members to be Enfranchised
Sectorial Representation
Increase of Public Interest Representation on Board
Consultation

8. Evolution and Change - Regulatory:
Responding to Industry
Comment on the Rules
Changing Market Practice
Specifics - Training and Competence
- Approach to Discipline

9. Weaknesses of the System:
A voluntary regime
Self Regulation Itself
Compromise
Inability to Intervene
Lack of Immunity for Directors
Willingness to take on the Big Boys
Not all Insurers Members

10. Strengths of the System:
There is a System
Coherent and Single
Well Supported
H.M.G. want it
Reflects Good Business Practice

11. Regime Good for Competition:
Promotes a Single Coherent System
Is Administered by an Independent Regulatory Body
Recognises the Different Circumstances of Firms
Does Not Inhibit Product Choice
Facilitates Opening of Lloyd’s

12. Regime Good for Consumers:
Direct Regulation
Customer Codes
Complaints Handling
Monitoring of Compliance
Financial Requirements for Intermediaries
Competence and Training of Individuals

13. Conclusion The Messages are: Regulation is Not an Option
Grasp the Opportunity to Make it Work
Regulation should Not be seen as a Burden provided it:
Reflects Good Business Practice
Is Appropriate and Proportionate
Peer and Customer Pressure is Coming
Consumer Education is on the Agenda