Summary
Financial Services Authority publishes consultation papers for proposed overhaul of current methods of distribution in the financial services and insurance sectors
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Extract
Developments in Relation to Distribution.
The Financial Services Authority (the FSA) has published a number of consultation papers for a proposed overhaul of the current methods of distribution in the financial services and insurance sectors. In addition, there are other proposals which the Treasury plans to implement in 2004/2005 concerning the distribution of general insurance and mortgage products to implement the Insurance Mediation Directive. These two areas are inter-related and this article explores some of the consequences which may result from these changes.
Distribution, for more than the last decade, has been on the basis of "polarisation". This has meant that advisers fall into one of two categories - they are either: Independent, authorised in their own right by the FSA, providing services in relation to the entire range of products available in the market place; or Tied Agents, appointed by a single prod...See the full content of this document
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