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Aifa claims to be close to pact with GISC on dual rule

Aifa claims it could soon reach a deal with the General Insurance

Standards Council to end dual regulation of IFAs selling general insurance

policies such as waiver of premium and unemployment cover.

However, the GISC denies it is close to a compromise.

Aifa believes product providers are standing in the way of the GISC

blocking advisers regulated only by the PIA.

Norwich Union Healthcare says it will pay the GISC membership fees for

intermediaries involved in PMI sales which are not a central part of their

business. It says IFAs are going to be scared away from advising on PMI if

they are faced with yet another level of compliance and costs. With its

introducer scheme, IFAs rec-eiving PMI enquiries can pass them on to NUHC&#39s

team of specialists. They will get commission for sales of policies made by

NUHC.

Aifa director of policy and technical services Fay Goddard says: “At our

last meeting, the GISC listened and seemed very perceptive. They seemed

comfortable with our stance.”

GISC head of policy Angela Darling says: “A satisfactory agreement on

unemployment cover has not been reached. Our scope on PMI has been defined

from the start and I am not aware of an approach to change it.”

NUHC spokeswoman Louise Zucchi says: “We recognise that those IFAs for

whom PMI is not a central part of their business will still need to meet

their clients&#39 needs. The introducer scheme will allow them to do that.”

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