Biba has broadly welcomed the FSA's first consultation paper on the regulation of general insurance.
Biba chief executive Mike Williams, said: "Brokers should be pleased. Biba has evaluated the 92-page document and we believe that the document is pragmatic and practical, comprehensive and thorough.
"I am pleased to see that the FSA has applied sensible definitions to each category and taken into account most, if not all, of the representations that BIBA has made regarding Regulation 2004. The FSA has not missed anything important and, their set of proposals clearly reflects the way in which the market is structured."
However Biba did raise concerns over proposals to make the Insurance Financial Ombudsman Service compulsory in respect of all private customers' complaints.
It warned that case fees would add to the additional levy charged to all firms.
Williams added: "We will be encouraging our members to respond to this consultation document - the deadline is March 2003. It is important that we move the process on and this is the only way that brokers will get their say."
