View more on these topics

New network aids move into general insurance

General insurer Euclidian Group and regulatory consultancy IFAct Group are teaming up to launch a general insurance network for IFAs.

The Grid network will offer IFAs looking to get into the general insurance market support and compliance services as well as access to a panel of insurers and products.

Grid is authorised by the General Insurance Standards Council and deals with all regulatory issues on members&#39 behalf and provides a range of tools and manuals on compliance procedures and training for staff.

Although GISC compliance is not obligatory for IFAs selling general insurance products, Grid believes independents will prefer the conduct of general business to be GISC-compliant.

Grid expects the average cost per firm for the compliance services to be a fixed fee of around £500 a year. IFAs would then get commission on products sold. Alternatively, IFAs can act as client introducers, getting commission for passing on customers to Grid.

IFAct Group chairman John Derry-Collins says: “IFAs don&#39t necessarily need compliance for general products but the majority of them will be comforted that they are GISC-compliant for the standard of customer care they will receive and in the future when general insurance comes under regulation in 2004.”

Grid chairman James Trus-cott says: “This network offers a unique opportunity for organisations to maximise their sales in the general insurance market without having to look over their shoulder in the wake of new regulatory demands. It will save them time and effort, inc-rease their income and allow them to concentrate on developing their businesses.”


FSA offers fact-find and hikes fees for Equitable

IFAs have hit out at FSA plans to set up a DIY fact-find for inv-estors, claiming it goes against the regulator&#39s statutory objective of protecting consumers and will only result in more confusion.The fact-find, part of the FSA plan and budget 2002/03, has come under fire from IFAs as another step towards the FSA offering […]


&#39Govt has lost £100bn in pension funds&#39

The Government has lost £100bn in British pension funds in what the Conservatives are calling the largest statistical error ever. In the second quarter of 2001 official figures indicated assets of occupational pensions in both the public and private sector totalled £784bn but the following quarter the number had plummeted to £679bn. Conservative shadow secretary […]

Lamensdorf buys up Essential Mortgages

IFA Lamensdorf Group is expanding its mortgage brokering arm by buying Essential Mortgages in a deal that will see its adviser numbers soar to 250.The deal, for an undisclosed sum, is conditional on Lamensdorf successfully floating on Aim this summer. Lamensdorf says it is looking at further acquisitions in the health and general insurance sectors.Wolverhampton-based […]

Market falls prune UK millionaires

The number of millionaires in the UK fell last year as the stockmarkets tumbled.A new report by Data-monitor shows the number of people with more than £1m in liquid assets was down by 1.4 per cent in 2001 at 68,700, from 69,600 in 2000.High-net-worth individuals who had earned their wealth, as opposed to those who […]


DB transfer shouldn’t be all-or-nothing

By Steve Webb, director of policy In my recent discussions with advisers, a hot topic has been the growing number of people interested in transferring their defined benefit pension rights into a defined contribution pension scheme. With many pension schemes offering eye-watering transfer values, this is likely to be an area of increasing interest. Yet […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm