The letters page of the August 9 issue of Money Marketing had various references to “logic”. Logic and this industry parted company donkeys' years ago.
It would be logical to assume that life companies have staff who can turn a proposal form into a policy document without being trained each time one is submitted.
It would be logical for low-cost products to be automatically non-redressable so we can actually see a way forward for marketing them.
It would be logical for complainants to put up a fee when submitting a case to the ombudsman.
It would be logical for people who have had pension review compensation to not be allowed to keep windfalls in addition.
It would be logical to establish exactly how many investors in with-profits contracts were not happy when policies matured before denying it to future generations.
The industry has hit self-destruct and nobody has got the balls to stop it.
The principle of “I bought a green one, what would a blue one be worth if I had bought that instead” is a BSE-type virus. It is in the food chain and you cannot get it back.
Some IFAs will die quickly, others will spend years doing “reviews” enduring slow lingering deaths.
Face facts, we are not valued and we are not wanted.
Hadan Welbeck Associates,