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ABI&#39s new leader pledges support for polarisation

Newly appointed ABI chairman Mike Ross has promised the trade body&#39s

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

independence.

He has also urged life offices to sign up for the ABI&#39s 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

sector.

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&#39s Life Insurance Council management

committee.

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.”

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