Experts say providers are failing to communicate with advisers about an EU ruling which will force them to offer gender-neutral rates on insurance products from 21 December this year.
In March last year, the European Court of Justice ruled gender pricing for insurance products will be banned.
The ruling, based on a challenge by Belgian consumer group Test-achats, followed an opinion from advocate general Juliane Kokott that using gender as a risk factor when pricing insurance is discriminatory.
The decision will affect the way insurers price annuities, life insurance, income protection and critical-illness cover.
Protection Review chief executive Kevin Carr says: “We have spoken to hundreds of advisers in recent weeks and it seems that around half of those we meet are completely unaware of G-day and the potential client issues it brings, not just for protection for also for annuities.
“There are many advisers who don’t always see stories in the trade press and who don’t have dedicated broker consultants, and the message is not getting through.”
PlanMoney managing partner Peter Chadborn says: “The gender directive is massive because if you have a male client who is thinking of retiring in the next three or four years, there is a very strong argument to say that decision should be made before 21 December.
“We have not had a single phone call from a broker consultant to talk about this. We have received marketing blurb but that often isn’t read.
“If advisers are not made aware of this they could face some angry calls from clients who have lost out.”
F&TRC managing director Ian McKenna says: “It is concerning that despite all the noise about the gender directive the message isn’t getting through to such a large number of advisers.
“It is clear that we need a joined up campaign to make sure advisers know the details as soon as possible, and it’s not yet too late to make this happen.”