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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.”

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