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Early day motion backs our campaign

Fifty-seven cross-party MPs have signed an early day motion backing Money Marketing’s No Advice No Protection campaign.

The EDM was tabled by LibDem small business spokeswoman Lorely Burt in March to highlight concerns over the lack of consumer awareness about direct sales having no redress to the Financial Ombudsman Service. It calls for the Government to ensure that companies selling life insurance and protection products make this clear to consumers.

Support has come from 25 Labour MPs, 11 Tories and 18 LibDems, including LibDem Shadow Chancellor Vince Cable, LibDem former home affairs spokesman Mark Oaten and Treasury select committee member Andy Love, and three MPs from other parties.

The EDM says: “This house notes with growing concern the dramatic increase in recent years in the sale of life insurance and other protection products on a non-advised basis and the subsequent potential for large-scale misbuying.”

Last month, Treasury Economic Secretary Ed Balls called for distinctions to be made between advised and non-advised sales of insurance policies.

Lifesearch, which has been a supporter of MM’s campaign, is to meet with MPs to encourage them to raise questions in Parliament.

Head of protection strategy Kevin Carr says: “We are very pleased with the number of MPs that have signed the EDM. The Treasury has been in touch with us on a number of occasions to get more information on this issue.”

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