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P INSURANCE
Page 12
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Freight forwarders get FSA exemption finally
THE REQUIREMENT for freight forwarders to register with the Financial Services Authority (FSA) if they provide private customers with insurance was removed last week.
The change comes nearly two years after forwarders were told they had no need to register with the FSA for commercial customers. Now, the need for FSA registration has been removed altogether. The requirement to register attracted a great deal of controversy because many forwarders felt that doing so was too costly and time-consuming. Many also felt it was primarily aimed at insurers, rather than others who offered insurance as an extra service, Since partial exemption was agreed in 2007, freight forwarders offering insurance to so-called retail customers, such as private individuals who are shipping personal belongings abroad, still had to be FSA-registered.
The British International Freight Association (BIFA) says it is pleased with the change, having campaigned for it. Director general Peter Quantrill says: "Now the retail customer comes under the exemption like the commercial customer, the cost and administrative burden to our members because of these regulations is lifted, which is good in these straitened times.'