Davies Turner Will Cancel FSA Regulation Following UK Government’s About Turn on Marine Insurance
London, United Kingdom, August 11, 2007 --(
PR.com)-- Comments Joint Managing Director, Philip Stephenson: “We first got an indication of the exemption in October last year and were pleased to receive the confirmation from Treasury officials recently.
”In order to continue providing marine insurance cover for our customers, we were one of the first UK freight forwarders to register with FSA before the new Insurance Mediation Directive (IMD) took effect January 2005.
“However, we were always of the view that additional regulation was unnecessary as there weren’t any significant consumer protection issues, and our industry should compete on a level playing field along with the rest of Europe.
“The FSA registration process was not a simple one and significant costs have been involved, both in support of registration and its continued maintenance, as well as the extra paperwork that was required.
“So, we welcome the news that the draft secondary legislation has now become law and will be seeking to cancel our FSA registration as soon as possible.”
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