I am appalled by the comments of Frank Cochran (Money Marketing, December 5), where he says that any Rl not producing £100k-plus is “not doing it right”.
This is exactly the sort of attitude that has promoted misselling within our industry and will again, along with the FSA's misguided belief that depolarisation and the banks/building societies will offer more beneficial choice to the consumer.
DBS has a predominance of “small” sole practitioners, as I suspect do other networks within the group. Therefore, will Misys and Patrick Gale now distance themselves from such remarks and the implied prerequisite to remaining a member of the future Misys proposition?
If the consequence of such enormous levels of business is a significant fall in the quality of that business and whether it is written compliantly, what will happen if next year a very large
network is unable to obtain viable, or any, PI cover for its members? Networks need to take account of the quality, not necessarily the quantity, in their quest for growth.
Furthermore, if the FSA does not begin to understand the major current problems in getting PI cover now and in subsequent years, then the financial services industry will not survive. Who will then provide the (independent) expertise to fill the Government's savings gap?
DPB Independent Financial Services,