Treasury set to ‘rubber stamp’ insurance rules

The Treasury is expected to confirm its decision to give the Financial Services Authority regulatory powers over travel insurance by the end of the year.

Following a meeting with the FSA on Tuesday, ABTA head of policy and communications David Marshall said once the decision has been formally announced, a 12-week consultation would be held before the exact details of the scheme are released next spring.

He added it would be unlikely that the Treasury would revert from its stance, which should see the selling of insurance by ABTA members fall under FSA regulations as of January 2009.

Marshall said: “I don’t think they’re going to go back on their original position and it looks like the announcement will be a rubber stamping of it.”

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