Forthcoming regulation will prompt more IFAs to enter the private medical insurance (PMI) market, ac...
Forthcoming regulation will prompt more IFAs to enter the private medical insurance (PMI) market, according to Mike O'Brien head of SME business at AXA PPP healthcare.
Speaking at a seminar session at the COVER Protection Forum, O'Brien said more IFAs were beginning to extend or merge into the PMI market. He said this was because the Financial Services Authority's rules would make it easier to enter the PMI market, as it would act as a sole industry regulator.
"Private medical insurance is no more complicated than the majority of financial products. The convergence of regulatory regimes should make it easier to sell rather than more difficult," he said.
"The history of opportunities has been fuelled by changes in legislation and regulation. The general insurance market is very perturbed about regulation. But in my opinion that is the next opportunity for IFAs."
