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Goodfellowdrops IFAs on MPPI

The Goodfellow Group has stopped selling mortgage payment protection insurance through IFAs and tied agents to concentrate on direct online selling of MPPI.

Goodfellow, which worked with 2,000 tied agents and IFAs to sell MPPI, blames soaring professional indemnity costs for the move.

But the group says it will maintain contact with a range of intermediaries to sell disability protection.

The provider is handing over responsibility for its intermediary base to Berkeley Alexander which is the underwriting agency providing IFA support services.

Goodfellow is also giving intermediaries the option of becoming an appointed agent of Berkeley to receive full compliance, training support, CPD programmes, PI and marketing initiatives.

Although brokers and IFAs will no longer be able to submit new business, Goodfellow say existing agents will continue to be paid commission and will offer group and individual personal accident and illness insurance to a reduced intermediary base.

Goodfellow managing director Simon Burgess says: “Berkeley Alexander currently provide excellent facilities to over 4,000 firms of brokers and IFAs and we believe with the forthcoming statutory requirements under the General Insurance Standards Council our intermediaries will require the support structure Berkeley Alexander is uniquely able to provide.”

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