From October 9, intermediaries selling protection will have to comply with the Distance Marketing Directive as part of FSA regulation for protection and general insurance. The DMD means that for all sales that take place in any form other than face to face, intermediaries should ensure clients have a copy of all the terms and conditions before the contract is signed.
Scottish Provident is implementing DMD early, from September 19, aiming to minimise the hassle for intermediaries by making all the relevant brochures available along with quotes through the QUOD quotations system. This means protection intermediaries will be able to access technical guides and policy provisions whenever they generate a quote for a client, ensuring they comply with the regulations.
All Scottish Provident's brochures and support materials have been updated to reflect the changes DMD will bring to the intermediary market, including the extension to the cancellation period from 14 days to 30 days.