"I am grateful for GISC's on-going work in raising standards, enhancing consumer protection and raising the reputation of the industry. I should also like to pay tribute to GISC staff for all their efforts," she announced to Parliament. "It is important that GISC remains in place and is effective until statutory regulation comes into force to ensure a smooth transition. This progression will be aided by the FSA giving due credit to firms in 'good standing' with GISC and other comparable organisations."
Commenting on the announcement, GISC chief executive Chris Woodburn said: "I am delighted that GISC's role has been endorsed by the Treasury once again, and that our members will receive recognition for their commitment to voluntary regulation. Of course the industry eagerly awaits details of what this will mean in practice."
Chris Woodburn then emphasised to insurance practitioners and trade bodies the need to participate in the consultation. "It is vital that the insurance industry uses this opportunity to submit its views clearly and logically on the scope of the legislation as it will be applied in the UK."
The full consultation, and details on how to respond, can be found on the Treasury's website at www.hm-treasury.gov.uk