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Mortgage companies warned to get ready for general regulation

The Association of Mortgage Intermediaries is warning intermediaries to ensure they are prepared for FSA general insurance rules.

AMI director Chris Cummings says most mortgage intermediaries who provide general insurance services must engage with the new rules and understand the combined initial disclosure document.

He is also concerned there are issues that could cause confusion within the new rules, particularly with the renewal process that will require a provider to give a policyholder 21 days’ notice of renewal.

Cummings is concerned that there will be an overlap between intermediaries and product providers which may lead to customer confusion. He says: “There is a feeling that regulation is done and dusted but GI rules are not the same as mortgage rules as there are gaps and overlaps.”

The FSA says 4,500 firms involved in general insurance business have not registered for authorisation but believes the majority of these firms are in the secondary insurance market.

FSA spokesman Robin Gordon Walker says: “We believe the majority of those who deal in the primary market are engaged with the process of regulation and are receiving their variation of permission notices.”

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