Bright Grey has been accused by brokers of losing its focus and becoming too price-driven.The firm, which repriced its product offerings last week, says it wants to put IFAs at the core of its proposition. But Lifesearch head of protection strategy Kevin Carr says the firm has “lost its shine”, being too price-driven and making unnecessary product changes. He says: “They launched in a blaze of glory and shouted about how different they were going to be but market forces have not allowed them to maintain that.” Highclere Financial Services partner Alan Lakey says he finds Bright Grey difficult to deal with and says its admin system are too slow. He says: “When a company makes a product computer-based, you expect it to be faster and more efficient but they are not. They have lost a degree of credibility for me.” Bright Grey distribution director Andy Peters says: “Our focus is not on price – far from it. We will always try to be price-competitive as we have to compete effectively in the market but our overall aim is to provide best value and meet the real needs of our clients.”
Private medical insurance should be renamed because it is too elitist, say protection experts Peter Le Beau and Andy Couchman. Couchman proposes to change the name of PMI to medical insurance or health insurance. He also proposes to rename long-term care insurance as care fees insurance and waiver of premium as premium skip but see […]
Resolution Asset Management has recruited Grant Shotter and Wilfred Willwong from Barings to be partners in its new emerging markets boutique, Hexam.
Terence O’Halloran may be holding out valiantly for the cause of with-profits but I have just seen a leaflet from Norwich Union to its with-profits holders which, in an obliquely abstruse and roundabout way (it might, in fact, have been written by someone at the FSA), appears to give advance notice of “financial incentives” for […]
The 32,000 Maxwell pensioners received their pensions but there are perhaps 100,000 being left without. Many of them have lost their state pension too, ending up worse than if they had never put a penny into their company scheme at all
As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.
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Another investment manager offering enterprise investment schemes has alerted clients of a 10 per cent drop in value for one of its portfolios following new Mifid rules. Mifid II, which came into force on 3 January, requires firms to notify clients when the overall value of their portfolio, relative to its value at the beginning of each reporting […]
The recent enquiry by the work and pensions select committee has reignited the debate about the future of collective defined contribution schemes. Whether these sort of schemes can be incorporated into the current UK pensions landscape is a moot point. Let’s consider some of the arguments for and against CDC. First of all, it is […]
Retirement interest-only mortgages are set to become more popular following the FCA removing hurdles to selling them. The regulator sees RIO mortgages as a possible aid to the waves of maturing interest-only loans with no repayment strategy. However, the FCA also wants RIO mortgages to be sold more widely, for example as an additional option […]