Protection product providers need to get together for an impartial campaign to promote the need for protection in UK society, according to a group of industry experts.A Money Marketing protection round table last week found overwhelming support for a consolidated campaign but the logistics of competitors coming together will be difficult to overcome. Association of British Insurers policy adviser (health and protection) Vicki Bolton said the success of the Government and Milk Marketing Board ads “Milk’s gotta lotta bottle” and “Got milk?” could be used as models of effective promotion but she said it was not the role of the ABI to provide the funding for such a campaign. Bolton said: “There could be an industry campaign – a generic campaign – to promote protection products although it would be difficult logistically. But a generic advert like the Milk Marketing Board’s ads would work brilliantly.” Royal Liver IFA market manager Andy Milburn said: “Who is responsible for marketing the industry? Unfortunately, we are happy with getting away with doing the minimum. We need a real opportunity to look at the market, talk to the customers and IFAs and promote the industry.” Lifesearch managing director Tom Baigrie and Bright Grey products director Roger Edwards both agreed that a campaign would raise the profile of protection but the industry must first overcome the issue of trust in the public’s eye. One way of gaining public trust was to publish claim statistics, which a number of providers already provide. But Legal & General senior operations manager Stuart Johnson expressed concerns that the media will use claim statistics to create an unsophisticated league table of prov-iders based on these figures. L&G does not provide claim statistics and the campaign undertaken by Lifesearch to make the collation of statistics more widespread has not been supported by the ABI. Baigrie said: “To not publish statistics is defeatist. The public will only come to trust you when the industry puts its money where its reputation isn’t.”
Arch Financial Planning managing director Arthur Childs predicts this will be a bumper year for VCTs as 40 per cent income tax relief is expected to end in April 2006. “This is one of a number of offers that I would expect to see oversubscribed. Matrix has a team of eight experienced managers specialising in […]
Brokers are concerned by research showing that 35 per cent of borrowers on short- or medium-term mortgage rates are not planning to remortgage when their current deal expires.
F&C Alternative Investment is positioning itself as a provider of hedge funds to multi-managers with the opening of the F&C citrine fund to new business.
Those villified for selling the plans may feel aggrieved. They might suggest that morally the FSA shares some of the blame and argue that to assess the marketing material requires an understanding of how the plans worked. However this is probably academic. The FSA did not have the power to strike out this sort of plan at the time.
By Rob Burnett, head of European equities, Neptune After nine years of underperformance versus quality growth, Rob Burnett, manager of the Neptune European Opportunities Fund, believes that value strategies have reached an inflection point. Watch Rob discuss why he believes value is well positioned to resume its historical trend of outperformance. Click here to watch […]
- Top trends
News and expert analysis straight to your inboxSign up
Latest from Money Marketing
Providers are reviewing their marketing packages to advisers at conferences and on websites amid concerns they will fall foul of new inducement rules under Mifid II. Mifid II, which came into force on 3 January, brought in more stringent rules around “non-monetary benefits” from providers to advisers. The rules have been translated into the FCA conduct of […]
A misleading headline rate of unemployment means opportunities are being overlooked by investors
The FSCS is budgeting an extra £3.5m to cover the cost of running the scheme this year. The management expenses levy, which is used to cover the cost of administering the scheme separately from any compensation payments made, proposed for 2018/19 by the FSCS today is £77.7 million, up 5 per cent on the previous […]