Following new regulation, Norwich Union is urging insurance forwarders to become introducers or risk not being able to offer cover.
Norwich Union, the country's largest insurer, recommends that forwarders and removers turn themselves into Introducer Appointed Representatives of their intermediary to meet FSA demands.
David Shaw, development and claims manager in Norwich Union's Marine Team, says: "If intermediaries want to continue selling this class of insurance, and their clients want to continue offering a service, they cannot continue to operate in the same way.
"As Introducer Appointed Representatives, firms will be able to pass on an intermediary's details to their customers, but not give advice. This removes the regulatory pressure on intermediaries and insurers; the former need only to ensure that their clients are doing nothing more than acting as introducers."To find out more about the insurance market, click here.
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