The Association of Mortgage Intermediaries and Lifesearch are in talks about setting up a trade body for protection distributors.
Mortgage Strategy understands talks are at an early stage and a number of options are being considered, including the creation of a specialist protection arm within Ami or a standalone trade body.
A Lifesearch spokesman says: “The protection industry is in need of a clear direction and there are a number of bodies in early talks to see how we move protection forward.”
Ami chief executive Robert Sinclair says: “The Ami board has long identified the need for more attention to be paid to protection and we continue to look at how this might be achieved.”
Last year, Lifesearch created a protection seller’s code of conduct to solve the “most obvious current failings” in protection distribution.
The code’s committee held its first meeting last month to discuss how the code can be taken up more widely.
Le Beau Visage managing director Peter Le Beau says: “It is a good idea to make sure the protection industry gets more synergy out of organisations that have an interest in the sector.”