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‘Mixed message’ concern with protection off menu

Protection has been left off the payment menu and IFAs fear this may lead to confusion among clients.

The FSA says including protection products on the menu for investment firms would place general insurance firms at a competitive advantage and would result in different disclosure requirements for different firms selling the same products.

Whole-of-life products do come within the menu due to their investment element but term insurance does not.

Axa Life press officer Peter Webb says: “Intermediaries can now choose the remuneration model that best suits their business.”

Plan Invest group joint managing director Michael Owen says: “If the public get used to the menu, they may demand that protection is included but the FSA seems to be working towards a level playing field everywhere they go.”

Chadborn Baker & Kearle adviser Peter Chadborn believes the exclusion of protection products may cause confusion. He says: “This is a thorny issue. Customers need to know where they stand. This could be sending out mixed messages.”

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