Role and scope of voluntary organisation involved in mortgage protection insurance
There are several trade associations which represent insurers and distributors of mortgage protection insurance.
Trade associations serve several purposes, the main ones being:
- To provide information to their members,
- To provide a forum for companies within the market place in respect of areas of common interest.
- To promote best practice among members.
- To lobby on their behalf.
- Some provide professional training services.
- To ensure good standards by monitoring any agreed code of practice.
The degree to which trade associations carry out the above varies from one association to another. It can also depend on the business being represented and the issues affecting that market place at any one time. Unfortunately mortgage protection insurance does not seem to register with trade bodies as much as its financial importance would suggest.
The companies involved in mortgage protection insurance fall into three broad categories.
- Insurers. Represented by the Association of British Insurers and Protect.
- Lenders. Represented by the British bankers Association, and the Council of Mortgage Lenders, the Finance Leasing Association, the Consumer Credit Trade Association and the Consumer Credit Association.
- Retailers. Represented by the British Retail Consortium, The Retail Motor Industry and the Society of Motor Manufacturers and Traders.
The above list is not exhaustive but covers the organisations whose members are involved in mortgage protection insurance.