Insurance advisers may not gain authorisation by N(GI)

Data compiled by the British Insurance Brokers Association (BIBA) last week suggested just 3,700 "primary" general insurance intermediaries have registered with the FSA to become directly authorised by the FSA. Of the estimated 40,000 mortgage and GI advisers in the industry, just 4,200 mortgage firms have registered with the FSA while just 3,700 insurance firms have sought FSA registration. Financial services compliance firm Huntswood Outsourcing suggests that means at least 82% of insurance advisers have yet to even register to become an IFA. Once a firm has completed the basic r...