Banking-Insurance Services launches AR scheme

Banking-Insurance Services has launched its appointment representative scheme.

The firm already has appointed representatives under MCCB regulation, and intends to offer a similar service under the new rules from the October 31 2004.

Services include:

• Mortgage sourcing and packaging

• ASU scheme

• Life & critical illness insurance

• General insurance

• Mortgage, term & healthcare leads

Benefits include:

• Free MCCB/FSA registration

• Free PI cover

• Easy administration

• Mortgage sourcing on-line

• Proposal quotes & issue on-line

• Excellant commission

The current costs for all these services is £157 per annum or £15 per month.

From the October 31 2004, these will increase – to reflect the additional FSA charging structure to a registration fee of £257 plus £40 per month for each firm, which includes one adviser, and £20 per month for each additional adviser.

Paul Bennington, general manager, administration and compliance, says: “The company believes this is one of the most cost-effective and competitive propositions in the market place currently, and reflects its unique personal service that it provides to all of its appointed representatives.

“BIS wants to develop, offering a full range of products via its network across the UK.”

For all applications approved by October 30 2004, it will freeze its current price structure for 12 months. That is an annual fee of £157 or £15 per month. The new prices will take effect from the next annual renewal.