View more on these topics

Concerns raised over provider G-day comms

/v/m/g/EU_Europe_Flags_480.jpg

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.

In March 2011, the European Court of Justice ruled gender pricing for insurance products will be banned.

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 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 do not 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 few years, there is a very strong argument to say a decision should be made before 21 December.

“We have not had a single phone call from a broker consultant to talk about this.”

F&TRC managing director Ian McKenna says: “It is clear we need a joined up campaign to make sure advisers know the details as soon as possible.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. If I’d spoken to hundreds of advisers and around half weren’t aware of major legislation impacting their customers, I’d be concerned about adviser competence not provider communications.

    Providers shouldn’t be an IFA’s knowledge source for government-; Europe-, or; regulatory-driven changes.

    The EU findings have been out since March ’11. If IFAs have been ignorant of the implications since then, they have been letting down their customers. If a male was to choose to retire early, he may have lost out on a year’s worth of increased contributions to offset any impact on income.

    Blaming providers? Really?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com