The Irish Financial Services Regulatory Authority Bill (IFSRA) published this week by the Minister for Finance has been welcomed by the insurance industry as a move towards a level playing pitch for everybody involved in the sale of insurance products.

The chief executive of the Irish Brokers' Association, Mr Paul Lynch, said brokers were authorised and regulated by the Central Bank while other sellers of insurance, such as the banks are not regulated to the same extent.

He said the FSRA would level the playing pitch and this would be good for the consumer as the same standards would have to be put in place throughout the industry.

Mr Lynch said: "The Bill was only published this week and we are looking forward to discussions with the Department of Finance and the Regulatory Authority. There are certain items which we believe will be of interest to us."

He said insurance brokers felt disadvantaged as other people selling similar products including bank assurers operated under different regulations.

The IBA believes the IFSRA Bill together with the recommendations of the Motor Insurance Advisory Board report will increase consumer protection and transparency in the insurance industry.