View more on these topics

Protection industry would welcome extension of regime

Lifesearch says it is relaxed about the FSA extending the RDR to protection business as long as proposals to distinguish advice from sales go ahead.

This week’s interim report hints at extending the RDR into certain kinds of protection, including term insurance, with a focus on the protection needs of those in debt.

Lifesearch believes that having a clear distinction between advice and sales would ensure that regulated advice was seen as valuable by consumers.

Head of protection strategy Kevin Carr says: “In principle, we like this new-look RDR, especially the focus on sales versus advice, which we have long called for. As such, we are relaxed for the FSA to consider including protection as long it continues to understand that the majority of consumers will not pay fees for this type of product, especially those in debt.”

CBK Colchester principal Peter Chadborn says: “Protection had nothing to fear from the RDR and I think if it does not want to be seen as the poor relation, it needs to be judged by the same standards as the rest of the industry.”



News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm