On 1 July, 2000 the General Insurance Standards Council (GISC) began its duties as the voluntary regulator of intermediaries selling general
insurance products, such as home and motor insurance.
The Government had concluded that statutory regulation of general insurance intermediaries was neither necessary nor justifiable. The GISC also regulates the sales practices of general insurers. Less than 18 months later, on 12 December, 2001, the Economic Secretary
to the Treasury announced in Parliament that the Financial Services Authority (FSA) would
take over as statutory regulator of insurance intermediaries.
