Life insurance and Asu could be bought from dentists following the regulation of general insurance, says Bankhall commercial development director Shaun Godfrey.
Since January 14, the gen- eral insurance rules bring vets, dentists and motor firms into the FSA regime, allowing networks within these diverse groups, with some training, to diversify into financial serv- ices, says Godfrey.
He says that statistics coll- ated by Bankhall in April this year shows Pet Plan to be one of the UK’s biggest networks to come under the regulation of the FSA.
With 1,239 members, God-frey believes there is no reason why networks such as Pet Plan could not diversify into other areas of financial services. He adds that with over 1,463 vets in the UK, they could consider expanding their businesses in a regulated environment. Other FSA-regulated networks include Motorcare Warranties with 291 members and Holiday Extras with 625 members.
The FSA says there are 22,601 DA and AR firms just in gen- eral insurance.
Godfrey says: “It sounds daft but with 20,000-plus regu- lated firms under general ins- urance, why not? It does not really seem too outrageous to go and visit the dentist and also be sold some Asu insurance.”
Pet Plan says it has no plans to expand its business.