Explanatory note

This Order makes provision consequential on the provisions of section 416 of the Financial Services and Markets Act 2000 (“the Act”) which repeal the Insurance Brokers (Registration) Act 1977 and dissolve the Insurance Brokers Registration Council (“the Council”). The relevant provisions of the Act were brought into force on 30th April 2001 by the Financial Services and Markets Act 2000 (Commencement No. 2) Order 2001 (S.I. 2001/1282 (C. 48)). The Grants Fund, comprising funds raised by levying practising insurance brokers and enrolled bodies, is transferred to the manager of the Investor Compensation Scheme established under section 54 of the Financial Services Act 1986. All other property, liabilities and rights to which the Council was entitled or subject immediately before 30th April 2001 transfer on 30th April 2001 to the Treasury. This Order also makes provision in respect of liabilities which the Council would have incurred if the Council had not been dissolved, legal proceedings to which the Council was, before 30th April 2001, a party and contracts, agreements and other instruments which relate to the property, rights and liabilities which, by virtue of this Order, become property, rights and liabilities of the Treasury.

This Order also makes consequential amendments to other legislation which relates to the Council or which refers to the Insurance Brokers (Registration) Act 1977. The Order also permits the Treasury to disclose information which they acquire by virtue of this Order where the disclosure could have been made by the Council, but for its dissolution and the provisions of the Order.