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Waiver dual rule set to be dropped

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&#39s regulation by the PIA.”


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