From Friday insurance sales are to be regulated and those that sell insurance products such as credit protection insurance, warranties, GAP products, and general motor insurance will need to be accredited by the Financial Services Authority (FSA).
Louise Wallis, the RMI's business development specialis says: "Despite numerous warnings many dealers have failed to act in time, and face an uncertain few months where they will have the choice of giving up their insurance business, or acting illegally.
"Dealers are still being urged to register, and the FSA will process applications as fast as possible."
RMI members should contact the RMI Helpline for advice. Other businesses should contact the FSA.
The regulation of insurance mediation will allow the implementation of the European Union's Insurance Mediation Directive (IMD) in the United Kingdom. This is intended to standardise the insurance selling process, and set benchmark standards for the sector.
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