The Institute of Insurance Brokers (IIB) is to roll-out its scheme for checking the credentials of wholesale brokers at the beginning of next month.
The database will allow brokers to check information on insurance schemes and facilities offered in the UK market by wholesale intermediaries.
IIB director general Andrew Paddick said: "There will always be rogue wholesalers. The website will allow brokers to conduct 'due diligence' -as required under FSA rules - before placing clients' business under wholesale insurance programmes."
Firms declining to co-operate and who refuse full independent on-site audits, document-ation checks, and fail to supply references from their insurers will be listed as "declined to cooperate".
The database will be 'switched on' on I June, said Paddick.
