Insurance brokers have given a cautious welcome to a consultation by the Financial Services Authority (FSA) on connected travel insurance.

The consultation proposes extending the current regulation that applies to specialist insurers to firms selling connected travel insurance (CTI).

In its response, the British Insurance Brokers' Association (BIBA) said that while it welcomed most of the proposals, it had some concerns.

"Our members are satisfied that the majority of the FSA proposals are acceptable but have significant concerns with two major areas of the proposals – professional indemnity insurance and disclosure rules," said Graeme Trudgill, BIBA technical and corporate affairs executive.

BIBA has some reservations about plans to subject CTI firms to lower professional indemnity insurance requirements.

Commenting on the disclosure proposals, Steve White, BIBA head of regulation and training, added: "Having a different disclosure regime is likely to lead to consumer confusion and potential detriment.

"The FSA should apply the rules in ICOB to CTI firms in the same way they currently apply to general insurance intermediaries."

The deadline for submissions passed this week.

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