IFAs rely on the good faith of insurance companies. The terms and conditions of many types of policy would allow an unscrupulous provider to reduce payouts if they so wished.
However, we trust them, for instance, to treat with-profits policyholders fairly and to deal with income-protection claims reasonably.
By reneging on the quoted premiums for protection business caught within their massive underwriting backlog, Prudential have dealt a massive blow to the trust that is necessary.
They have shown that when the cards are down, IFAs and customers count for nothing. If they can legally wriggle out of a commitment they will.
It doesn't fill you full of confidence, does it?