Intrinsic mistakenly said Friends had pulled two-year protection
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Intrinsic Financial Services mistakenly told advisers that Friends Provident had withdrawn from the two-year protection market after the firm removed itself from the multi-tie’s protection panel.
Friends, a minority shareholder in Intrinsic, says it took itself off the panel for commercial reasons and continues to operate in the two-year market with other distributors. It still offers four-year products through Intrinsic.
Intrinsic has reduced its two-year protection panel from four providers to two, with Zurich and PruProtect retained. Ageas, formerly Fortis, has also been removed following a review of the panel.
In an email detailing the two-year panel changes, Intrinsic told advisers: “One of the immediate outcomes is the withdrawal of Friends Provident from the two-year protection market.
“In terms of pipeline cases, Friends Provident will not accept any new two-year protection business after Janu- ary 31, 2011 and will only issue written cases up to the end of March.”
Intrinsic Group protection director Ed Stuart-Brown says: “At the time, we believed Friends Provident were withdrawing from the two-year market, as indicated in our adviser communication. We now understand that they have not withdrawn completely from this market.”
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