When I joined this industry as a recruit nearly 40 years ago I attended an induction course with my new employer, Refuge Assurance Company.
Three words were my first and indeed lasting thoughts of the new career in front of me – ultimate good faith.
Remember that advert, the man from the Pru, with his bike, his trilby hat, his smile portraying everything this new recruit had just learnt: honesty, integrity, truth, but above all else “ultimate good faith”?
I just wonder whether the executives of the modern-day Prudential would care to respond by kindly telling the industry their current interpretation of these words.
I cannot help feeling very sad at them reneging on pipeline term assurance business.
This is a complete departure of what I have always believed, that you must be fair and honest at all times and consider the action that you take before you take it and in particular the impact it will have on others.
The Pru has lost face with thousands of advisers. I just pity the staff at Pru service centres who have no doubt had to field off angry calls in the knowledge the caller was right.
Maybe those same executives would like to man the phones for a day and see how the whole industry feels about their cavalier ways.