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Standard sets out changes for protection advisers

Standard Life has raised concerns that some IFAs are not fully aware of the regulatory changes for pure protection products from January 2005.

It is aiming to help intermediaries with briefings to give a summary of legislative changes to the protection market. Standard says there is no guarantee that late applications for authorisation will be processed by January 14.

The company says it is concerned that some IFAs are unsure of the insurance conduct of business rules which will apply to the selling of general insurance and pure protection contracts.

National development manager (sales) Harvey Briggs says: “We are encouraging advisers to seek approval if they have not already done so as life offices will have an obligation to report to the FSA any adviser without appropriate permission selling protection business after January 14.”

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