Lifesearch is canvasing the industry's larger and most influential advisers in a bid to move forward its Protection Code of Conduct concept.
Matt Morriss, senior policy adviser at Lifesearch explained adviser agreement was needed as insurers would need to get brokers to agree the code's six points before introducing the code, revealed last March by Lifesearch chief executive Tom Baigrie.
He said: "At the moment it is something of a free-for-all, especially in the non advised arena. The end idea is that insurers that have distributing brokers not adhering to the code would remove that advisers permission to sell their products."
Morris confirmed that it has unofficial and initial support from 41 adviser firms constituting the more influential end of the protection market, adding that Lifesearch is has also begun informal talks with several providers.
"We need advisers to be in agreement here, as this is not just a Lifesearch proposition or a publicity stunt.
"The next step is drawing up an official list of who supports this concept and who does not. Having done that we can formally take the proposition to insurers."
