The European Commission is investigating the ABI's Raising Standards initiative to ensure it does not violate its competition rules.
The Commission Directorate General for Competition is writing to a number of trade associations to ask a range of questions focusing on how much they have been included in the ABI's consultation process.
The letter asks the trade bodies what share of the UK retail savings and protection market their members make up and when it was consulted by the ABI.
It also asks how members will be affected by Raising Standards, their attitude towards the level of fees for initial accreditation as well as annual renewal, plus the impact of compliance costs.
Part of the LIA's response, seen by Money Marketing, states: “It is a pity there has not been more consultation because we believe the adviser dealing on a day-to-day basis with the public might well have had useful insights to present.”
LIA public affairs director John Ellis says: “We do not see the competition issue as a worry. But this is a provider initiative, with intermediaries not part of the decision making. We are talking to the ABI about getting more involved.”
Raising Standards project director Stuart Tragheim says: “This is routine stuff and because of the level of investment and brands involved we asked the EC to look into it.”
The deadline for responses is June 15.