View more on these topics

&#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.”

Recommended

The meaning of PI

According to Boswell, Sam-uel Johnson once saw two women shoutingacross a street from the first floors of two houses opposite eachother. “They will never agree,” he is alleged to have said, “They arearguing from different premises.”Which brings me to professional indemnity insurance. At the heart ofthe chaotic PI market for IFAs, there lies a divergence […]

10 steps to put personal pensions back on the map

In view of the Government&#39s continuing inability/wilful resistance totake simple, practical measures to make personal pensions moreattractive to the ordinary man in the street (who, as we all know, isutterly turned off them), here are my 10 suggestions for achievingthis:•Restore waiver of premium cover as an integrated supplement,with tax relief on the premiums and a […]

Piece of the PI will be welcome boost

The first captive insurer offering professional indemnity insurancesolely to IFAs is about to emerge.The news will come as a relief to many IFAs and hopefully inject lifeinto a moribund market. It will not offer an overnight solution nor areturn to significantly lower levels of premiums.It may help some IFAs get cover and even allow better […]

Final-salary trustees warned of legal threat over wind-up

Trustees of final-salary schemes could face legal challenges fromnon-retired members if they lose out when schemes wind up, warnsGissings chief economist Roger Nightingale.Scheme trustees could be vulnerable to litigation if regular paymentswere made at a rate that funds could not sustain because ofunderfunding, Nightingale told delegates at the Pensions ManagementInstitute conference in London last week.But […]

When is £1m not £1m?

Neil Jones is technical support manager with Canada Life’s ican Technical Services Team. Canada Life offers a range of wealth management solutions, including retirement income planning, estate planning and investment solutions from a choice of jurisdictions, including the UK, Isle of Man and Republic of Ireland. The residential nil-rate band (RNRB) was first announced in […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com