What is the name of the Act of Parliament which prevented non regulated agencies selling insurance products?

Could someone tell me the name of the piece of legislation which stopped letting agents selling tenancy insurance products. I think it came into force around 2004.

What is the name of the Act of Parliament which prevented non regulated agencies selling insurance products?
The FSMA was amended so that the Financial Services Authority became responsible for regulation of all insurance mediation activities.





This was brought in to comply with the Insurance Mediation Directive from Brussels and had to be in force by 15th January 2005. The FSA took up regulation on Friday 14th January 2005. (Insurance sold at a distance was partially regulated by the Distance Marketing Directive which came into force in October 2004)





As you might expect the UK was one of very few European Countries to actually abide by the Directive (and even gold plate it) - some Countries still haven't done it!





The Directive is about 14 pages - the FSA handbook (if printed out) is about five feet thick!





There are one or two exceptions. Travel Insurance sold in conjunction with a trip e.g. by a travel agent is not currently regulated (but will be in 2009) and extended warranties sold at the same time as electrical goods is not regulated. (Good lobbying there) Recently Insurance by Freight Forwarders has been excluded from regulation. Some firms who are regulated by a recognised professional body (RPB) e.g. solicitors/ accountants don't have to be regulated by the FSA.





As a broker the administrative effects of regulation is a pain. For a 拢20.00 travel insurance quote I have to assess your requirements, produce a statement of those requirements, a recommendation, asons for my recommendation, give you a policy summary/ key facts document, an initial disclosure document, a policy document.





One member of our fraternity predicted that in a few years only the wealthy would be able to get insurance advice because it would be so costly. For the rest - buy online and take your chances. (Policies are getting worse by the day as everyone tries to cut corners to offer cheaper rates - you have been warned)
Reply:the piece of legislation that regulates all financial sevices in





fsma 2000





was brought in in 2000 and formed the fsa





not sure if this is what you mean or not?