Norwich Union has stepped up its efforts to help motor traders successfully apply to be regulated by...
Norwich Union has stepped up its efforts to help motor traders successfully apply to be regulated by the Financial Services Authority. The move came as the insurer admitted a "significant" number of motor traders had made little or no effort to be regulated even though many sell financial services products.
In conjunction with Pricewaterhouse Coopers, NU has published an eight-page guide that aims to clarify the impact of regulation on motor traders, providing a concise overview of when it will happen, what options are available to them, what steps they need to take and how the authorisation process will work.
Barry Hogg, motor trade manager at NU, said: "Busy motor traders simply do not have time to plough through the hundreds of pages of the FSA reports and consultation documents so, understandably, there is a lot of uncertainty and inertia surrounding the issue. The fact that the rules are so lengthy has been a major stumbling block in getting motor traders to make the effort to apply."
He added: "We estimate a significant percentage of motor traders are not actively preparing for the impact of the legislation. This is understandable, but time is running out and they need to register and apply by 13 July at the latest to guarantee the FSA will confirm authorisation to sell general insurance products by the January deadline. We are confident the guide will help motor traders to get started."
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