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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.”


ABI guidelines to shake up complaints’ process

The ABI has put together new guidelines on handling complaints in a bid to improve the industry’s treatment of consumers. It wants to understand more about why cases end up at the Financial Ombudsman Service and what firms should be doing to handle cases better. It says it has made an effort to get its […]

Mothers missing out on millions

By Steve Webb, director of policy and external communications The ninth Royal London Policy Paper discusses how thousands of mothers are missing out on state pension rights when they don’t have to Earlier this month we published the ninth Royal London Policy Paper, entitled ‘Mothers Missing out on Millions’. It focuses on the thousands of mothers […]


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