Regulating PMI will reduce adviser interest, says GISC

Only a handful of larger financial adviser firms will offer PMI or similar protection products once general insurance is FSA-regulated, argues the GISC, because the cost of training and administration will be too high compared with the potential remuneration. Responding to the FSA's CP160 on regulating the mortgage and general insurance industry, the General Insurance Standards Council argues companies will find it hard to justify the cost of training and employing advisers dealing with "higher risk" products requiring more regulation and compliance, because many such as policies are s...