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Advisers wary on PTA suitability

Significantly more Icob advisers have recommended pension term assurance to consumers than Cob advisers, says Standard Life.

Its survey, undertaken by George Street Research among 206 advisers in June, found that only 40 per cent of Cob advisers have recommended PTA compared with 54 per cent of protection advisers.

Overall, 43 per cent of advisers said they felt PTA was not appropriate for their client base. Just over 25 per cent said the product did not fit their clients’ needs because it did not offer combined life and critical-illness cover.

The main reason for recommending PTA over other types of cover was due to the savings a consumer could make, cited by 82 per cent of advisers.

Standard Life product marketing manager Mick James says: “I am surprised at the number of advisers who felt PTA is not appropriate for their clients.”

CBK principal Peter Chadborn says: “I think Cob advisers are perhaps more aware of changes in legislation and because of that we are more wary of U-turns happening.

“For example, if Gordon Brown becomes Prime Minister, he may decide to scrap the tax relief on PTA. So Cob advisers are perhaps exercising more caution when recommending PTA.”


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