The General Insurance Standards Council and Aifa are waiting for the
go-ahead from the FSA to end dual regulation of IFAs selling waiver of
premium on general insurance policies.
Aifa has been in discussion with the GISC for months, arguing that IFAs
who sell general insurance policies such as waiver of premium with life and
pension products are sufficiently regulated by the PIA and that the
consumer is not at risk.
Until now, GISC has said PIA-compliant IFAs carrying out this business
would also have to join GISC but it has reached an agreement with Aifa that
this is not necessary and is looking for a speedy resolution from the FSA.
Aifa says waiver of premium is just one of the issues surrounding dual
regulation it is discussing with the FSA.
Aifa director of public affairs Tracey Mullins says: “Aifa has always been
of the view that when waiver of premium is sold in conjunction with
longterm life and pension products, the consumer is already protected
through the IFA's regulation by the PIA.”