Insurance brokers have accused the Central Bank of acting as a "Rambo regulator" which discriminates against smaller brokerage operations.

The Professional Insurance Brokers Association (PIBA), a body representing 700 brokers, says that a system of regulation introduced by the Central Bank last November has proved "completely inflexible and not suited to industry".

The association's main problem with the regulatory regime is that it differentiates between the sales practices of brokers and those of other companies selling insurance products directly to the public.

Under a Central Bank code of conduct, insurance brokers must adhere to a number of strict conditions when selling to consumers.

They must offer clients a choice of product from at least five different insurance companies, for example, as well as justifying their final recommendation in writing.