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Member’s notice | Update on Intermediaries Guarantee Facility Limited (IGF) date of cessation of operations

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Please on the link below for the latest communication from SAIA regarding the IGF Date of Cessation of Operations which is self-explanatory.

It is important to note that our aim is not to change the regulations OR perpetuate the IGF but rather to seek a common industry wide approach to premium collection in line with the principle based regulations, to avoid premium collection becoming a competitive differentiator.

Our concern was the unilateral cancellation of the IGF without taking into account when the new legislation will actually be enacted and the limited time we have to set up a new industry wide approach.

We believe from our conversations with stakeholders that these two immediate concerns have been addressed.

We also believe that intermediaries should be able to collect premiums to facilitate bundled products and to have that premium paid into a separate bank account from where it can be split amongst all the insurers and product providers. We are however certain that if common standards aren’t agreed upon within the industry, premium collection could be used as a competitive differentiator to the disadvantage of the consumer.

Given sufficient time we believe we will be able to reach a common understanding with SAIA about the application of the principled based regulations. Once completed we will be able to inform you of the agreed standards in order to ensure that it meets your requirements as well.

For any queries, please contact Peter Atkinson…