CETA has announced a range of broker support services designed for the post regulation general insurance market. The general insurance network is promoting a broad based solution for intermediaries, including those leaving the industry, after Financial Services Authority regulation in January 2005.
Intermediaries opting to be directly authorised will be able to access compliance services, a compliant quotation system, training services and CETA”s product panel. CETA will also offer principal status to those opting for appointed representative (AR) status, and, in addition to the above, will offer professional indemnity cover and business development aid. ARs will also have access to a mortgage panel through multiple principal agreements.
David Quick, managing director of CETA, said: “CETA has made sure it is ready for regulation well ahead of schedule, so that brokers can make decisions about general insurance at the same time as they decide about mortgages.”
He added: “Brokers should remember that they do not have to use the same principal for general insurance that they do for mortgages. Many mortgage networks have only a limited availability of general insurance products.”
Those brokers for whom general insurance makes up a small portion of their business can opt to become introducers, with CETA providing cards and literature, at reduced commissions. Those opting to leave the industry altogether will be able to continue to receive income from previous business through “CETA Exit”, whereby the network will continue to develop the intermediaries” client bank.