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C&G takes the direct approach

An adviser has slammed Cheltenham & Gloucester for using the current market conditions to push life and protection products on to his client in exchange for a remortgage.

Positive Solutions principal Simon Jenkins says he had a client with a C&G two-year fixed rate which was up for renewal at the end of the month.

He says when he contacted C&G to discuss options, C&G told him the client would have to make an appointment at the branch to make sure that he had the correct life insurance, critical-illness cover and income protection in place.

Jenkins says: “I found this extremely insulting. This client was introduced to them and now they want to get him in a dark corner and sell him a financial product as an incentive to get a new deal. It sounds a bit pressurised to me.”

Jenkins says he suggested to his client to go to HSBC instead.

C&G says: “When customers’ products come to maturity, it is our policy to market directly to them and advise them of what their options are.”


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The Association of British Insurers has restructured its protection committees to separate day-to-day work from long-term strategic thinking.

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Spending on regulation and compliance for the world’s 100 biggest financial institutions could almost double to 50bn by 2010 after a rise of more than 30 per cent over the past three years, according to Deloitte.


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