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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


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.”


FSA must come up with answers as Equitable axe falls

The grim conclusion from the Equitable Life debacle seems to be thateveryone who could have got out should have got out but it may now be toolate. Equitable has proved to be a zero-sum game. The axe has fallen onEquitable policies with a drastic 16 per cent cut in pensions while lifeinsurance plans face a […]

Marsden brings in three-year fix

Marsden Building Society is getting fixed with the introduction of the three-year fixed rate mortgage.Fixed until July 31, 2001, the mortgage has a rate of 5.95 per cent for loans up to a maximum of 80 per cent. After the fixed rate period the mortgage reverts to the Marsdens standard variable rate. The mortgage is […]

Schroders goes north

Summing up, Coates says that he wouldn&#39t use the fund as his firm looks at ethical products. Hooper says: “In this uncertain time, it should prove to have a place in the investment market.”Stevens says: “They may or may not be correct to promote a new fund in these uncertain times. Investors are still hurting […]

60 per cent of people want Govt To bring in free LTC

Research by national IFA RJ Temple shows nearly 60 per cent of peoplebelieve free long-term healthcare should be a top priority for theGovernment. The survey of 700 people carried out straight after the general electionon June 7 asked which strategic objectives Chancellor Gordon Brown shouldfocus on. Free LTC was the top answer, supported by 54 […]


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