The Association of Mortgage Intermediaries (AMI) has entered discussions with a number of stakeholders over the launch of a trade body for protection.
Industry experts are calling for the formation of a specialist trade body to fill the need in the protection industry for a unified voice.
Protection broker and adviser LifeSearch has stated the industry needs greater representation, a call backed by Aviva and Garry Heath, the former leader of the IFA Association (now the Association of Professional Financial Advisers).
The AMI confirmed it is in talks with various parties about potentially forming a protection arm.
Robert Sinclair, chief executive of AMI, said: "We are looking at how this could be possible. We are reviewing how it could work."
Richard Verdin, director of protection at Aviva, added: "We need a representative voice. There is an awful lot of stuff going on in the protection industry and unless you specialise in the important issues then it tends to not get dealt with."
But he added a trade body needed critical mass and financial viability so the wrong thing to do would be to set up a separate body on its own.
Verdin said there was scope for such a group to sit inside an existing intermediary body - such as APFA - in the same way providers have within the Association of British Insurers (ABI).
Garry Heath, leader of the former IFA Association between 1989 and 1999, said: "Protection has never been as well represented but it should be. We had a mini body within the IFA Association during my time there that lobbied about the terrible situation with critical illness definitions.
"A body to specialise in protection is a good idea. But it would need critical mass and if it just consists of intermediaries it would not make it. However there is a lot to be said for a joined-up voice with providers and intermediaries."
He added management, staffing and financial structures would be crucial to justify the body's aims with APFA the obvious choice to take it on.
Tom Baigrie, chief executive of LifeSearch, said: "If the structure is right a protection trade body is more than feasible, and more importantly long overdue.
"The protection industry isn't always aligned in its thinking but this is an area where everyone seems to be agreed. The protection industry needs greater representation, especially for intermediaries. The time is right and there are various discussions taking place. It is early days in terms of anything formal. But where there is a will there a way."
Industry opinion suggests something concrete will develop by the end of the year.
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