TT Talk - A Success for Lobbying
The following article is taken from ForwarderLaw, the website edited by Peter Jones of Toronto, Canada. FSA insurance regulation. This move will decrease regulation on the industry and help promote its international competitiveness. The press release described the move as a practical example of the Government's pragmatic and risk-based approach to better regulation.....
"Regulators come to their senses!"
The practice of providing cargo insurance to shippers by extension of an open marine cargo insurance policy taken out by a forwarder is world wide. The standard trading conditions promulgated by national forwarding associations all contain provisions that address the responsibility of the forwarder to provide this service to shippers. Forwarders provide this service professionally, as they obtain the assistance of an insurance broker who specializes in marine cargo insurance. It is a commercial arrangement that works!
The forwarding industry in the United Kingdom was the target of an over zealous initiative on the part of the European Commission directed at intermediaries who provide insurance to members of the public, a process known as Insurance Mediation. About twelve months ago it looked as if the UK industry had lost a three year plus battle to get the regulatory program changed to allow forwarders to continue to offer this benefit to shippers in the United Kingdom. At first, this exemption was refused, but experience showed that the new regulations were so cumbersome and costly that many small and medium size forwarders withdrew from providing this service.
After the initial setback, the BIFA [British International Freight Association] campaign against the directive continued, involving meetings and discussions with Government Ministers, Members of Parliament and the United Kingdom Treasury Board, backed up by an extensive letter writing by members.
It now appears that an exemption in favour of forwarders will become the law. In a Press Release dated October 16 last, the Economic Secretary to the Treasury, Ed Balls, announced that freight forwarders will be removed from the scope of
BIFA credits Ron Willis, a former President, as having successfully spearheaded this campaign" [ably supported by Colin Beaumont, the present Director General, Ed).
For the full article, see http://www.forwarderlaw.com/library/view.php?article_id=405
You may also be interested in:
Find out who FIATA and TT Club have named Young International Freight Forward of the Year 2020
FIATA International Federation of Freight Forwarders Associations and international freight transport insurer, TT Club, announce this year's regional winners for the Young International Freight Forwarder of the Year Award (YIFFYA). For over 20 years, the award has been providing valuable training opportunities for young talent in the freight forwarding industry.
Learn more about the risks of abandoned cargo as we reflect on the Beirut explosion of August 2021.