The Institute of Insurance Brokers (IIB) has slammed the FSA for failing to pass trade association letters onto the regulator's non-executive directors.
Andy Paddick, IIB director general, said the decision, taken by the FSA board earlier this year, showed a “flagrant disregard” for the non-executive director position.
He said: “It is often simply not good enough for a non-executive director just to rely on the executive's and staff's version of the facts, which can easily be written to support the secretariat's own opinions, within officially circulated documentation.”
The IIB said its confidences in the work of the FSA's non- exective directorship had collapsed.
“If, in future, we are to be prohibited from communicating with the FSA non-executive directors on an important matter, then we can have no confidence in them to discharge their duties in a properly informed impartial manner,” Paddick said.
