AM Online

OFT looks into new FSA rules

Today (January 14) is General Insurance day – the deadline for all motor retailers selling or advising on insurance or warranty products to obtain Financial Services approval.

However, the Office of Fair Trading is examining whether the FSA regulations are anti-competitive and contravene block exemption regulations.

It fears that dealers appointed as manufacturer’s representatives may be restricted from selling other brands’ insurance.

An OFT spokesman says it is “monitoring the system” and has informed the FSA of its concerns. Meanwhile, dealers bogged down by FSA intricacies are being offered a 60-day free trial of Contact Advantage’s FSA module– go to am-online.com and click the Contact Advantage logo.

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