F&TRC issues draft statement to improve client retention
Share
The Finance & Technology Research Centre has issued a draft good practice statement urging providers to contact advisers sooner if protection clients miss payments.
F&TRC says the statement aims to increase the speed at which providers inform advisers when a client misses or cancels their direct debit payments so they can be contacted “in a matter of days rather than weeks”.
It is based on feedback from advisers at the group’s quarterly protection forum in June, and was issued to providers at the latest forum meeting on September 30.
F&TRC intends to issue a final practice statement after the next meeting in December. Advisers and providers to are invited to submit feedback until November 4.
F&TRC managing director Ian McKenna says: “The industry faces challenging economic times and ensuring consumers maintain their protection cover benefits both clients and advisers. Early notification warnings when policies are cancelled or direct debits fail will help the adviser act quickly and provide their client with guidance and options before it is too late.”
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
