Elsa wants IFA help to create code for life settlements
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The European Life Settlement Association has launched an IFA consultation into the practices and issues surrounding life settlements.
The online survey covers marketing literature, asset and risk management, suitability and commission structures.
The decision to engage with IFAs follows “significant concerns” raised by the FSA about life settlements earlier this year.
Elsa says the feedback will help shape its industry code of practice, which will be published later this summer, covering both the institutional and retail markets.
Chairman and SL Investment Management investment dir-ector Patrick McAdams says: “In the wake of continued uncertainty around Keydata and Lifemark, intermediaries are looking much more closely at product structures and wishing for greater transparency than ever.”
Ingard Independent Financial Management partner Ian Osang says: “It sounds positive but I am more concerned about what is being done to stop companies putting large chunks of people’s portfolios into a high-risk investment and recommending them as cautious.”
Aifa will carry out the consultation with its members, which can be accessed at www.surveymk.com/s/life_settlements.
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