Davies Turner Will Cancel FSA Regulation Following UK Government’s About Turn on Marine Insurance
Davies Turner, the UK’s leading independent freight forwarder, has welcomed the UK Government’s confirmation that freight forwarders have been given an exemption from the scope of the Financial Services Authority (FSA) insurance regulations and will no longer need to be registered with the FSA to offer marine or cargo insurance direct to customers.
”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.”