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Consumers happy to buy life cover without advice

Advice is the least important feature that consumers look for when taking out life cover, with low premiums and an efficient application process being the top-placed priorities.

Research from Hargreaves Lansdown found that only 11 per cent of 428 people surveyed seek financial advice when taking out life cover while 68 per cent focus on low premiums.

The findings showed that 25 per cent of consumers surveyed look for knowledgeable staff, 26 per cent want details on the provider and 12 per cent want to apply online or by phone.

Protection research manager Jonathan Briggs says: “This strengthens our argument that clients do not always want to go to an adviser. Most consumers are happy to go through life doing their own research and making their own decisions. Efficiency and speed is more important because everyone is in a hurry these days.”

Lifesearch head of protection Kevin Carr says: “This shows how uneducated consumers are. This should scare the FSA into action. Consumers have been brainwashed into thinking advice is not necessary and that price is the most important feature.”


Bradshaw alerts IFAs to huge pension transfer market

IFAs should broaden their focus beyond rich clients or risk missing out on a potential 500bn opportunity in the occupational pension transfer market, says industry veteran Paul Bradshaw. He says around half a trillion pounds of transfer money will move over the next five years and all these people will need advice. The former chief […]

Insight looks to Continent with euro fund

Insight Investment is looking at increasing sales of its multi-manager absolute return product range to the Continent with a euro-denominated global diversified return fund. The Dublin-domiciled fund is the firm’s second retail absolute return fund. The first – the diversified total return fund – has achieved a total return of 10.3 per cent since launch […]

Pivotal points

Sources say a pension-style review of contracting out could cost the industry almost £3bn. To put this into perspective, and to demonstrate why the industry is so anxious to put its own house in order quietly, the combined profits of UK-listed insurers in 2005 was £6.376bn.

Brown reckoned to be moving to axe or tax Asps

Fears are growing that Chancellor Gordon Brown will introduce plans to reduce the attractiveness of alternatively secured pensions or scrap them entirely in this year’s pre-Budget report. The Treasury originally raised concern in September by warning Money Market- ing that it would scrap Asps if advisers continued to “wilfully abuse” them to avoid inheritance tax. […]

The Natixis Solution: H2O MultiReturns Fund

A product designed to bring some unique attributes to the crowded absolute return global macro space With diversification and risk management top of investors’ wish lists when it comes to alternatives, step forward the H2O MultiReturns Fund. H2O Asset Management is an independent boutique backed by Natixis Global Asset Management and has a 14-year track […]


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