Biba brokers preparing for regulation are to be offered a 10% discount on risk assessed regulatory and employment protection (REP) policies by legal expenses insurer DAS
Biba brokers who take out REP policies before 14 January 2004 will also have the premium frozen for three years.
The policies are designed to support brokers through GISC or FSA disputes and any employment related difficulties they might face, said DAS.
"Brokers have a right to have their defence funded for regulatory disputes, just as much as for employment or other legal problems", said Peter Staddon, head of technical services at BIBA.
Three versions of REP are available, said DAS. Option One is based on standard DAS Employment Practices Protection, Option Two adds tax, bodily injury, property protection or contractual protection, and Option Three adapts the less comprehensive cover offered by Commercial Legal Protection.
