On 18th July 1994, the Securities and Investment Board recognised the PIA as the main self-regulating organisation for the retail sector of the business (that is, insurance companies, their direct salespeople and tied agents, and independent intermediaries). The previous SROs, Lautro and Fimbra, will cease to be recognised at the time of writing FIMBRA is still recognised, as there are still some firms who have not been accepted into the PIA or had their application formally rejected.

At the time of writing the position and role of the Recognised Professional Body (RPB), remains unclear. They will be required to follow the FSA rules without amendment and may well be absorbed into the FSA, possibly commencing with their monetary functions.