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PIA to continue tough line on persistency

The PIA says it is resolved to remaining tough on firms suffering from low persistency rates on life and pension sales following the publication of its fifth annual survey into persistency.

The survey reveals that overall persistency levels remain low. Figures for regular premiums show that 25 per cent of policies lapse in the first three years of the contract while 30 per cent laps within four years.

The regulator says it has made good use of the data contained within the survey, which has resulted in a clampdown on those companies with high lapses.

The action taken by the PIA against these firms includes supervisory visits which have led to disciplinary procedures against some firms.

All firms with poor persistency records have also been contacted by the PIA chairman asking for a satisfactory explanation.

Chairman Joe Palmer says: &#34The PIA board remains very disappointed with firms with consistency poor persistency where the underlying factors involve rule breaches and misselling.

&#34It is inappropriate to draw absolute conclusions from survey data alone but the follow-up action we have taken on previous reports show firms that they cannot be complacent.&#34


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