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General insurance business will be regulated by the FSA from 2004. This covers any advice to clients on insurance products not already regulated as investment business e.g. term assurance, income protection, critical illness, fee protection and general personal and commercial insurance. It also covers any assistance to clients in arranging one of these policies, including helping them complete proposal forms. In addition assisting clients to make insurance claims may also be caught.

The Treasury is proposing that members of Designated Professional Bodies, such as ACCA, should be regulated by their professional body rather than the FSA. To help ACCA respond to the FSA consultation, we would like to know how important this is to members.

We would like to hear from ACCA firms not currently authorised by the FSA who undertake any of the above activities or expect to do this type of work in the future with:

• details of the type of work undertaken by your firm – e.g. advising on/arranging term assurance and fee protection insurance and helping clients with consequential loss claims
• the volume of such work – e.g. five or six cases a year
• how important do you consider it is for your firm to be able to carry on general insurance business?

Please reply via e-mail to karen.honnoraty@accaglobal.com

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