The facility, to be launched later this month, is aimed at companies and individuals that have chosen not to become authorised for advising and selling general insurance products under the new FSA regulations. Previously, there were two choices in the build up to regulation, either meet the FSA’s ICOB rules or don’t. Select & Protect’s Introducer Status facility, the third way, will allow those who aren’t authorised to continue to reap the benefits that selling general insurance brings.
S&P says the proposition is simple; generous commission rates for the lifetime of the policy, simple sales process requiring the introduction of leads only, full compliance support, the ability to target different markets and a continued income stream applicable from the full spectrum of Select & Protect’s product portfolio.
Bruce Reid, Managing Director of Select & Protect, comments, “We have been monitoring the insurance market since GI Day and it has become clear that there are many people out there who are still undecided about what to do in the new regulated world. The launch of the Introducer Status facility aims to address this situation and is further testament of us responding to regulatory change in supporting our agents and introducers.”
