Royal Liver closes IFA arm to new business
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Progress, Royal Liver’s specialist IFA protection service, has been closed to new business with immediate effect.
Royal Liver says the decision is based on the company’s primary objective to manage its resources in the best interests of its policyholders, and focus on its capital position.
In a statement Royal Liver says: “Due to capital constraints, the society is not in a position to continue to invest in the long-term prospects of the Progress business.
“This closure will not impact existing customers with Progress protection products. Nor will it affect Royal Liver’s continuing discussions with Royal London regarding a potential transaction.”
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Readers' comments (3)
Mr Smug | 30 Sep 2010 9:04 am
Another RDR casualty no doubt.
Expect to see many many more of there before 2012.
I don't think the FSA really understands the destruction it will cause.
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Anonymous | 30 Sep 2010 9:28 am
probably gpt more to do with relationship with royal london, whch has scot prov and bright grey...
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Julian Stevens | 30 Sep 2010 12:41 pm
Royal Liver was geared to everything being done online, but their NB submission system, last time I had occasion to use it, had some most extraordinary and maddening aspects to it, about which whoever you spoke to at RL seemed entirely unconcerned. Had I been the office manager at RL, I would have paid a visit to the systems manager and told him to get these stupidities sorted out by the end of the week or expect to be receiving his P45 very shortly.
The fact is that protection business has become about as cutthroat as it can possibly be and if RL couldn't make a go of it online then what hope for anyone else.
This isn't to say that people don't need advice on putting together properly a mortgage and family protection package, but price has become such an overriding factor that (IME) virtually no one's prepared to pay for advice on protection, even to the extent of just a couple of quid more on their premiums. So the issue of Trusts will continue to be overlooked and a bereaved spouse may well discover that s/he has to wait many months to receive the proceeds of a life insurance policy which was supposed to provide swift and adequate protection for the family.
Oh well, such is the march of progress.
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