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Protection providers sound note of caution

Providers have given a cautious welcome to the announcement of the Government&#39s intention to regulate advice given on protection products.

Swiss Life technical manager Bob Cheesewright says his primary concern is that the regime delivers an appropriate level of protection to consumers but does not result in costs that create social exclusion.

Norwich Union Healthcare spokeswoman Louise Zucchi welcomes the prospect of uniform regulation across the industry. NUHC says it has always operated as if its products were regulated so the decision will not force it to change the way it does business.

Scottish Life, which confirmed in August it is launching a protection arm, says the industry and GISC have always done a solid job in regulating. It hopes the FSA recognises steps such as the ABI&#39s code of practice when designing a new regime.

The ABI echoes Cheesewright&#39s concerns. The trade body warns against over-regulation, saying it should go no further than the sale of the products.

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