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Lifesearch warning after finding errors in product material

Lifesearch has warned protection providers to monitor closely the information they send out to advisers and networks after it found inaccuracies in promotional material from three life companies.

The errors were found in product feature comparison tables, with the life offices in each case wrongly claiming that a competitor product did not contain certain features that its own product did.

The promotional information was emailed to adviser firms and Lifesearch head of protection strategy Kevin Carr suspects it was done as a mass mail-out but he does not want to name the guilty product providers.

Hargreaves Lansdown protection research manager Jonathan Briggs says this is worrying as most advisers do not have the time or resources to check whether information from providers is accurate.

Carr says: “In a time of treating customers fairly, it is disappointing that inaccurate data is being distributed, albeit on rare occasions. If the problem continues, we may have to take further action.

“We have the scale and structure to check whether this information is correct but not all business have these resources. Therefore we are concerned as it could be misleading advisers.”

Briggs says: “If it is true, then it would be a big concern and it is unhelpful for advisers. It is also unfair on the innocent party.”

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