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LIA claims Saltr fails to address IFA complaints

The LIA claims the ABI has failed to deliver on its prom-ise to include IFAs within its Savings And Long Term Risk initiative.

LIA public affairs director John Ellis praises the Saltr initiative, which launches on October 4, for addressingproblems that consumers have with life offices.

But Ellis says it ignores the problems that IFAs face.

He lists the worst of these as commission payments, quotations and paperwork.

Saltr aims to raise industry standards by awarding life companies an accreditation mark once they meet certain criteria such as plain English and standardised documents.

But Ellis says IFAs are an important part of the loop between consumers and providers and should not be ignored. He says the job of improving life office standards for IFAs may now fall to bodies such as the LIA.

But Aifa director general Paul Smee says Saltr is “neutral” to IFAs because it is intended to be the process by which companies demonstrate certain standards.

Smee says: “If IFAs want Saltr, they will have to do it themselves.” But he believes IFAs will not have as much money to splash out with as life offices. The initiative could cost life offices as much as £8m each.

Saltr was set up to lay to rest some of the ghosts of the pension review.

Ellis says: “We support the drive for better standards and documentation but the service offered to IFAs by some companies is inefficient. Saltr does not go far enough.”

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