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Protection business booming for Scottish Provident

The protection war is heating up again with Scottish Provident claiming it has seen a 70 to 80 per cent increase in business since September 11.

It says IFAs are turning to protection as investors shy away from turbulent markets. It believes there is a renewed interest by people concerned about protecting their families.

The firm says new applications have increased by 70 to 80 per cent in the last three months over the period last year.

But rivals are suggesting ScotProv has seen an increase because it repriced its product range in September to bring it back into line with the market.

Scot Prov head of product development Nick Kirwan says: “It has been an explosive wall of business heading in our direction. IFAs are turning in droves to selling protection.”

Skandia Life marketing manager Lynda Cox says: “I think it is probably because they have repriced their product. It was very uncompetitive at the beginning of the summer.”

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