At the meeting committee formed a voluntary association that will be known as The British Association of Protection Providers (BAPP).
Ii is hoped that the Association will include both insurance companies and distributors who operate within the ABI Code Life Insurance market. The purpose of the Association is to try and eradicate the negative connotations associated with the market, which has been referred to as non-regulated or de-regulated in the past.
BAPP plans to eradicate these connotations through ‘light touch’ compliance, by introducing minimum standards of fitness and qualifications on conducting business for any agent entering into the market.
John Ruddick, compliance director at Personal Touch Insurance said: “The EU directive for insurance intermediaries may be implemented as early as 2004. Therefore it is important that BAPP implements standards to ensure the transition to a regulated environment is made as smooth as possible. We also hope to create accreditation for new entrants in this market who can use the knowledge and experience they gain as a springboard to becoming full IFAs should they so wish.”
