&#39Poor protection service hitting IFA businesses&#39

Poor levels of service in the protection sector are holding back IFA

business, according to research by Bright Grey.

The new protection provider, which is set to start taking business

next week after a year-and-a-half&#39s preparation, says it will put

service at the core of its proposition.

Its survey of 100 IFAs, conducted last week, says 68 per cent of new

business applications are taking more than three weeks to process and

79 per cent of IFAs say this level of service is unacceptable.

The protection market has long been dogged by poor service, with

requests for medical information being made months after an

application has been sent by an adviser.

Nearly half of the IFAs surveyed say the level of service from

protection providers is hindering their business.

Topping IFAs&#39 wish-list of service improvement is faster processing

of applications on 75 per cent followed by faster underwriting on 71

per cent and the same figure calling for a protection company to keep

its promises.

Bright Grey communications director Susan Sneddon says: “Meeting the

basic fundamental needs of IFAs would appear to be the exception

rather than the rule in the protection market.

“There is a huge opportunity for a business to come in and meet the

service needs of IFAs.”

John Joseph Financial Services director John Joseph says: “Take out

the word protection and these findings would be about right for all

providers and all products.”