Money Marketing recently reported concerns about granting regulatory exemption for the policyholder advocate so they can give financial advice. Such an exemption is essential if a policyholder advocate is to do her or his job properly.
People chosen for these roles will have wide business and commercial expertise. Their overall capabilities will count rather than deep product knowledge.
The staged approach of identifying broad groups, offering general advice and leaving individual advice to experts in the IFA community gives the customer the best service.
I discussed these points with Terry O’Halloran recently and enjoyed the experience. I believe I was able to demonstrate the professionalism of our approach to the Norwich Union reattribution even if I have not yet persuaded him to change his mind.
Director of communications,
Office of the Policyholder Advocate