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Talkback

Do you think whole-of-life policies have been widely missold?”Yes. I think if whole-of-life products have been sold as savings vehicles then there could be a widespread problem.”

Geoff Castell, Geoff Castell”No. Personally I would not say there is a great problem. The products are fine, it is a question of how they are sold.”

Mark Gibbons,M Gibbons Financial Advisers”No. I can only go on my own experience. If you follow all the guidelines, and we most certainly do, then it is unlikely that you will have missold.”

Martin Murdochson,The Independent Adviser Service”Yes. When they were sold by direct salesforces, sometimes it was the only product they had available to sell.”

Paul O’Neill, Life-Plans Direct”No. That is a generalisation and is only likely to be the case for people sold policies on a maximum rather than a balanced basis.”

Graham Carver, York Financial Management”Yes. Problems tend to be on maximum cover.If people are going for£50 a month over 10 years we would be very much against that.”

Graeme Virwin, Baxter Fensham”Yes. Where there will have been misselling is on any policies that were sold after 1992 as a savings vehicle. The maxi basis is more down to whether it suits individuals circumstances.”

John Bruce J Bruce Legal & Financial”Yes. But I would doubt whether it is IFAs that have been the main cause of misselling, it is more likely to have been direct salesforces.”

Byron Longstaff, Byron Longstaff Independent Financial Consultancyno 38%Yes 62%

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