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LIA backs Warland in product design row

The LIA is backing Autif director-general Philip Warland in the heated debate with the ABI over the role of Gov ernment in financial product design and marketing.

The LIA claim it supports Warland&#39s recent comments that the Government has an important role to play in the design of financial products.

Spokesman John Ellis believes it is unclear if the private sector can step into the void left behind if the state pulled out of the provision of financial benefits such as pensions and healthcare.

He also claims it is only the Government that can ensure the protection of the public when they are investing.

Despite Ellis believing the Government has a role in product design, he is critical of the Treasury&#39s unwillingness to budge over the 1 per cent charging cap on stakeholder, describing it as a situation where it clearly was not listening to the industry.

He suggests that the Government and the industry should work together on future developments

ABI director-general Mary Francis pointedly told the Government to stay out of the design of financial products in September. Warland criticised her remarks, saying the Gov ern ment has to play a role, given the insurance industry&#39s track record.

Ellis says: “What the Gov ernment has done is perfectly reasonable in their intervention in the marketplace. The role of the state is to design the broad parameters of the market and let the industry fill in the gaps.”


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Ecclesiastical offers alternative route to life fund

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