Description
The next new EU dictate which will affect the vast majority of veterinary practices in the UK is the Insurance Distribution Directive (IDD) which seeks to further harmonise how insurance distribution activities are regulated across the single market.
The changes coming into effect on 1st October this year will have implications for the way UK veterinary practices work with pet insurance.
Through various Consultation Papers the UK Regulator, the Financial Conduct Authority (FCA), has provided guidance that requires some enhancement to the current ‘in-scope’ or regulated Appointed Representative (AR) model embraced by many vets.
They also reveal and clarify additional opportunities for practices wishing to remain non-authorised and work outside the regulatory perimeter (out-of-scope).
As an integral part of Agria’s new practice development initiative, Agria life, we have been in discussions with the FCA and working closely with specialist regulatory consultants to embrace IDD and craft a range of innovative ‘in and out of scope’ insurance solutions for vets.
We’ll discuss the out of scope ‘Passive introducing’ and the ‘Providing information’ options plus despite rumours from some quarters to the contrary, the in-scope Appointed Representative status which still very much exists for vets under the new regulatory regime and is absolutely available with Agria. Importantly, all options allow the provision of Agria’s free 5 week insurance policies for clients.
We’ll also cover the misconceptions and possible unsafe assumptions surround the new regulation and endeavour to answer any questions you may have.
