The Association of Independent Financial Advisers is urgently debating the future of IFAs in the UK after last week's threat by the FSA to withdraw trading consent for firms that c …
The Association of Independent Financial Advisers is urgently debating the future of IFAs in the UK after last week's threat by the FSA to withdraw trading consent for firms that cannot secure professional indemnity cover.
It is understood that one option being considered is an industry indemnity fund.
The government announced last week that its Troika insurance scheme will be extended for a month from 30 September to 31 October 2002.
There will be no change in the scheme's premiums or terms and conditions.
Troika provides insurance to UK airlines for third party war and terrorism risks.
The extension is to enable UK airlines to negotiate an adequate commercial solution to the cover problem, the government said.
No E-market delay
Polaris has scotched an industry rumour that claimed the launch of its
E-market project was being delayed until June 2003 and that this was causing friction with service provider IBM.
Martin McLachlan said the scheme would pilot in the first quarter of next year, and delivery would happen shortly afterwards.
The Insurance Executive, a search and selection consultancy dedicated to the insurance sector, was launched on 1 October.
It is aimed at medium to large sized intermediaries and also insurance companies, focusing particularly on the provinces.
A risk management standard developed by the three major risk management organisations has been launched.
The IRM, Airmic, and Alarm have formulated the new standard.
Members of the three bodies are expected to quickly adopt the principles of the standard.