Financial Services Authority (FSA) regulation of insurance mediation activity affects virtually all RICS members in the UK involved in insurance related matters. Namely those who are:

• advising on a contract of insurance
• entering into a contract of insurance as agent for someone else (either a client or the insurer);
• arranging for someone to enter into a contract of insurance;
• assisting in the administration and performance of a contract of insurance (e.g. handling claims)

The regulations came into force on 14 January 2005.

Anybody who carries on regulated activities must be:

• authorised via RICS' Designated Professional Body (DPB) Scheme;
• authorised by the Financial Services Authority (FSA), the existing regulator of banks, insurance companies, stockbrokers, investment managers and financial advisors; or
• the appointed representative of a firm who is authorised by FSA

It is a criminal offence to carry out regulated activities if you are not authorised or an appointed representative.