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ex-Paymentshield directors launch MPPI through new venture 3xd

3xd, the new venture from former Paymentshield directors David Fulluck and Mike Riding, has launched a multi-option mortgage payment protection insurance policy underwritten by British Insurance.

The firm has also extended its general insurance range for intermediaries to include buildings and contents insurance and legal expenses/identity fraud cover.

3xd was set up to rival Paymentshield, a firm which angered many advisers in October last year with its decision to stop paying trail commission to brokers no longer regulated by the FSA. Paymentshield was bought by GI giant Towergate the same month.

In November 2006, disgruntled Paymentshield brokers, led by Riding’s brother Gareth, ex-marketing director at Paymentshield and current 3xd employee, formed an action group to recover thousands of pounds of lost commission.

3xd managing director David Fulluck has reassured intermediaries that, with 3xd, they will receive commission for the life of the policy even if they decide to leave the industry.

He says: “We want our intermediaries to be well rewarded for supporting our business and our major focus will be on providing long term commission security.”


Directors must check policies for sub-limits

It has come to our attention that a number of insurers have introduced a regulatory investigation sub-limit onto their directors’ and officers’ policies. For directors of hedge funds with policies under this restriction, this means that, should the fund be subjected to an investigation by the FSA or SEC, they would be personally liable for […]

Professional RDR response from CII

The Chartered Insurance Institute is calling for a single set of standards, a new complaint system and harsher sanctions to build professionalism in the industry in its first response to the FSA’s RDR. The response, A Professional Body for Retail Financial Services?, outlines what professionalism would look like in a post-RDR environment.

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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