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‘Direct channels demeaning advisers’

Insurers selling protection products through direct channels have been critic- ised by IFAs for undermining the advice process and effectively encouraging consumers to misbuy.

Members of the Institute of Financial Planning and other chartered financial planners have backed Money Marketing’s campaign, saying consumers need to be better informed on complex product lines.

IFA Barry Laymond says insurers should not be allowed to sell complicated products as critical-illness cover direct. Apart from the risk of consumers opting for price over value, he says supermarket/insurer distribution relationships undermine traditional life office/ adviser relationships by stripping out advice.

Laymond says: “Life offices should not be allowed to sell products without advice as they are attacking and dem-eaning advice and those who live by giving it. If they want to be our business partners, they should stop harming IFAs and depriving those who need protection from the benefits of professional advice.”


Culture shock

What a bizarre last few weeks we have had. After spending months explaining to clients that it may not be in their best interests to put their homes, racehorses, bling or exotica into a Sipp, in one fell swoop, Gordon Brown takes the option away by introducing a one-off tax charge equivalent to 40 per cent if these types of assets were placed in a pension.

Claims go up in smoke

Following a recent heart attack, a client claimed on several critical-illness policies held with Legal & General, not set up through myself, only to be told that for two out of the three policies, he would not be paid out due to non-disclosure of smoking at the time of the applications.Following this, his other two […]

Channel vision

Brown put his foot down on Sipps – now we need to reach those who need help

Pensions - thumbnail

Preparing for the changes to the pensions market

As more and more providers start to reveal their stance on the charge cap and removal of commission and active member discount pricing, we thought it would be worthwhile to look at what these are, and the steps businesses should be taking to prepare for this.


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