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Prudential chief Wood says sorry for critical blunders

Prudential UK chief executive Mark Wood has apologised to IFAs for the company&#39s decision to raise premiums and withdraw guarantees for pipeline critical-illness business in March.

Wood made his apology in a presentation to IFA delegates at this week&#39s Money Marketing Live conference in Manchester, which was attended by over 900 IFAs.

Prudential incurred the wrath of IFAs when it withdrew cover terms for thousands of pipeline critical-illness cases. Some of the business had been submitted months earlier.

The company hopes the apology will go some way towards healing relationships with the IFA channel which represents huge volumes of business for the Pru.

Wood said the company&#39s current critical-illness business volumes were still nowhere near back to their pre-March levels.

He said: “Our protection decision last March was a grave and serious decision to reprice which we understand caused IFAs extreme aggravation. This is a good opportunity for me to apologise for that aggravation. But that should do nothing to undermine our commitment to the IFA sector. We do an enormous amount of business through the IFA channel and are committed to the sector.”

Dennehy Weller managing director Brian Dennehy says: “IFAs have very long memories and it could take a long time for them to come around, possibly 18 months.”

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