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ABI rethinks extension of cooling-off period

The ABI has backed down in the face of widespread industry criticism over

its proposal to extend cooling-off periods from 14 days to two months.

Instead, the ABI, under its Savings and Long Term Risk initiative, has

watered down its proposals to 30 days, which IFAs consider more acceptable.

The proposal is part of an overall revamp of the industry aimed at raising


After consultation with the industry, the ABI plans to release full

details of the new standards this summer. Life offices will then decide if

they want accreditation thr-ough Saltr.

Wentworth Rose managing director Philip Rose says: “It is good to see the

ABI has listened to some valid comment and criticism of the proposals.”

Maddison Monetary Management managing director Mark Howard says: “You can

live with 30 days, it is a better proposal than the initial one of two

months. I am happy with the changes. If the IFA does their job properly,

however, the consumer will never have any reason to think about cancelling

their purchase.”

ABI media manager Vic Rance says: “It was felt that two months was quite a

long time. If people were going to change their minds, then 30 days is

plenty of time.”

AIB Govett Asset Management took the honours in last week&#39s Financial

Services Industry Sunshine Classic golf tournament. A team from Legg Mason

Investors came in second and Exeter Investment Group was third. British

heavy-weight champion Sir Henry Cooper was joined by Portfolio member

services chairman Garry Heath and comedian Russ Abbot.


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