What you dont want to know about FSA regulation But must

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(No Transcript)
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What you dont want to know about FSA regulation
But must!
Presented by Michael Pettifer MPI Brokers
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Parliament in August last year
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Parliament discussing our future
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Background

• In January 2005 all general insurance became
  regulated by the Financial Services Authority.
• This followed a directive from Brussels
• The Mediation Directive (IMD)
• The British government went beyond the IMD and
  included any company or person involved in
  organising, administering or the sale of
  insurance, this included a recommendation.
• However they introduced and exemption for 2
  years, for travel insurance when sold with a
  holiday, which is termed Connected Travel
  Insurance (CTI), provided it included cover for
  baggage!
• The exemption was reviewed, and after
  consultation the government decided there was
  customer detriment and CTI is to come under the
  Financial Service Authority regulatory regime.
• So
• Regulation of CTI is effective from the 1st
  January 2009.

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Your Regulatory Options are?
Become fully FSA Regulated
Become an Appointed Representative AR
Become an Unregulated Introducer
Become and Introducer AR
Or
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Face the consequences!
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• I think Id better think it out again