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Advisers demand rebroking redress

IFAs are demanding that the Prudential pay compensation for the time they will have to spend rebroking criticalillness policies following the life off-ice&#39s decision to remove guarantees and raise premiums on new and pipeline business.

Advisers say they face rebroking dozens and, in some cases, hundreds of policies and they plan to send invoices to the company for the costs of their time.

They say not only should the Pru pay for the time they will have to spend but the fact that they will have to endanger client relationships by rebroking their protection needs deserves compensation as well.

Wickham Partnership partner Tony Joannou says: “They seem to think I will just happily rebroke cover somewhere else. I will send them a bill for the extra amount of work involved in this exercise. I suggest any other IFAs caught up in this farce do the same.”

Ritchie Salked & Co principal Ritchie Salked says: “Affected IFAs should send Prudential an invoice at their hourly rate for the costs involved in rebroking cases.”

Positive Solutions adviser Nick Barrett says: “There is most definitely a case for the Pru to compensate IFAs for the time they are going to have to spend sorting this mess out.”

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