Agents offered ‘simpler’ insurance sales compliance
Holiday Extras claims to be offering agents an easy process to continue selling travel insurance under new regulations.
Agents need to complete online compliance training to become an appointed representative of Holiday Extras
Agents will then come under the authority of Holiday Extras, which will then manage Financial Services Authority regulation, eliminating the need for retailers to manage their own FSA compliance.
Under new rules from the financial regulator agents need to be regulated by the FSA themselves or become an ‘Introducer Appointed Representative’ or an ‘Appointed Representative’ of a FSA-regulated company.
Holiday Extras head of insurance Andrea Clayton said: “Since Holiday Extras is already FSA regulated, offering agents the opportunity to become an Appointed Representative will help them achieve FSA compliance through a much simpler process.â€
ABTA head of finance Mike Monk said: “It is tremendously important that customers do not travel without insurance and our members can and do play a very important role in this.
“I would urge them to obtain IAR status with ABTASure, thereby ensuring their customers are adequately covered and protecting their insurance income.”
by Phil Davies
Phil Davies
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