Full Members of the Managing General Agents’ Association (MGAA), the non-profit making organisation representing UK Managing General Agents, can now pay their FSA fees by instalments at a discounted rate following its official recognition as a financial services trade association.
The addition of the MGAA to the FSA’s list of UK financial services trade associations was instigated by Steve Wallis, Head of Insurers and e-Business Development at Premium Credit and David Oliver, Managing Director of independent underwriting agency, David Oliver Associates.
MGAA Supplier Member Premium Credit is also handling the financing and administration of the instalments scheme, which will result in a 0.5% fee reduction and cash flow benefits to Full MGAA Members.
The MGAA was officially launched on the 1st September with an initial 40 Full Members underwriting approximately £1.25 bn of GWP. It is currently supported by 11 Insurer Members and 12 Supplier Members. Many more MGAs, insurers and suppliers have also indicated an interest in joining in the near future.
Reg Brown, Chairman of the MGAA said: "When we launched the Association we committed to delivering value to our members through lobbying on key issues, creating market education opportunities and providing exclusive schemes to drive down the cost of trading as an MGA. By striking a deal to slightly reduce the fees burden we have begun this process, but there are many more benefits to come."
Simon Moran, Chief Marketing Officer at Premium Credit added: "We are delighted to be a Supplier Member of MGAA and are confident that offering access to discounted FSA fees will be a valued addition to their member proposition."