Countrywide Independent Advisers is targeting members with a research bulletin steering them through the uncertainty surrounding Equitable Life's closure to new business.
It is designed to help IFAs clear up policyholder confusion as they decide whether to stick with the life office or move policies.
The Misys-owned network outlines that, in addition to the possible 10 per cent penalty for surrendering with-profits funds, policyhol
ders may be hit with further charges, such as bid/offer spreads, if they move to a new provider.
Countrywide recommends policyholders act quickly but warns they must consider all their options before removing money from Equitable to make sure the benefits outweigh the potential losses.
Equitable has extended the deadline for new with-profits policies to take advantage of the cooling-off period to December 22. Countrywide recommends such clients should be advised to cancel their policy immediately.