News...
Will EC Talk lead to action?
After months of waiting, it appears the European authorities may finally be taking non-compliance across the Continent, with regards the Insurance Mediation Directive, seriously.
While brokers in the UK have been living with Financial Services Authority regulation for nine months, it has been business as usual for many of their counterparts in countries such as France and Germany as their respective regulators ignore the deadlines.
This has annoyed UK intermediaries that are faced with the extra burden of cost, as well as confusion over their rights to operate in other European Union countries. So it is heartening that the European Commission has sent “reasoned opinions” to the countries that have yet to adopt the directives almost a year after the 15 January deadline.
Indeed, one outcome could be that brokers are able to claim damages directly
from governments if they are not able to operate in other EU countries. Let’s
hope the EC’s hard language is followed up by equally hard actions should
the IMD stragglers continue to drag their feet.
Post Magazine 27th October 2005
