Newly appointed ABI chairman Mike Ross has promised the trade body's
continuing support for polarisation in the next stage of the FSA review.
Scottish Widows chief executive Ross says the status of IFAs is important
and should be protected. He pledges that the ABI will continue to promote
He has also urged life offices to sign up for the ABI's Saltr initiative.
Ross says the deluge of reviews facing the industry should not put off
providers from seeking accreditation and they should “just get on with it”.
Skandia has pulled out of Saltr for now over fears that efforts might be
wasted if changes are introduced by the Sandler and FSA reviews into the
Ross says the principles of Saltr underpin the direction of changes the
industry needs to take. He hopes that the FSA will soon see the benefits of
Saltr and include it in its comparative tables.
He says the industry is “awash with reviews” and believes all parties must
ensure their outcomes are not just a set of piecemeal changes.
Ross succeeds CGNU group chief executive Bob Scott as ABI chairman.
Friends Provident chief executive Keith Satchell is to become a joint
deputy chairman and will chair the ABI's Life Insurance Council management
Satchell joins Direct Line executive chairman Ian Chippendale who
continues as a deputy chairman and chairman of its General Insurance
Council management committee.
Ross says: “The independent status of IFAs is a very important element of
the market and should be protected. The ABI will continue to promote it.
The consequences of any changes would have to be fully understood.”