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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.”

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