The Irish Insurance Federation (IIF) said it was up to each insurance company to decide whether to participate in the Consumers Association of Ireland's (CAI) kite mark scheme to help investors choose the best products available under the new Special Savings Incentive Scheme.
The IIF had raised concerns about aspects of the CAI assessment plan and how it would operate but has left it open to the individual companies to decide if they wish to co-operate.
The CAI has announced the terms under which it will award kite marks. Unitised products will have to levy annual charges of no more than 1.5 per cent with no policy fees, spreads or redemption fees. It will need to cater for investments from £40 (€50.80) a month and permit fund switching.
Deposit products will not be included if they charge fees. They will also have to allow investments as low as £10 a month, with a no-cost switch option to equity funds, and daily interest accrual. That interest will have to be no more than 1 per cent below the European base rate for variable accounts.
