The Association of British Insurers has been attacked for acting more like a regulator than an industry lobby group and for focusing more on pensions than protection.
At the Protection Review conference in London last week, Cicero Consulting account director Mark Twigg said: “I would like to criticise the ABI on this front, in becoming something of a de facto regulator rather than being an out-and-out lobbying organisation.
“Until the industry has that degree of awareness and profile, then the Government is liable to either get things wrong on protection or treat protection as an afterthought.”
Luther Pendragon director Simon Whale said: “There might be a need for the protection industry to think about some vehicle that is about them rather than being a sub-set of the ABI.”
Bright Grey proposition director Roger Edwards said even the ABI’s own savings and protection conference did not feature much in the way of protection. He said: “This says to me that protection is pretty low down the pecking order at the ABI and on other agendas across the financial services sector.”
ABI assistant director of health and protection Nick Kirwan said: “I think part of the work we have done in the past has been to ensure that the protection industry is fit for purpose and products do what they say.
“Payment protection insurance aside, where we have still got much more work to do, I think the protection industry is in a very good place.”