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What they say about protection protest

by Nicola York

Aifa deputy director general Fay Goddard:“No Advice, No Protection is a key message. We are very supportive of the idea and consider advice absolutely crucial in adding value.”

Economic Secretary to the Treasury Ed Balls, MP: “The FSA will look at whether its rules provide appropriate consumer protection in the case of non-advised sales of protection products. If the regulator concludes that changes are needed, it will consult publicly on the amendments.”

LibDem small business spokeswoman Lorely Burt, MP: “I am fully behind the Money Marketing campaign and tabled the EDM as a way of supporting the issue and pressurising the Government and FSA into ensuring consumers realise the lack of protection from non-advised sales of certain firms such as the big supermarkets.”

Treasury select committee member Andy Love, MP: “The regulator needs to look into the possibility of misbuying, clear up any confusion and see if action has to be taken on the sales process of sophisticated protection products.”

Which? principal researcher Teresa Fritz: “We whole-heartedly support the campaign as we regard the purchase of protection through direct sources in its current form to have the potential for a lot of consumer detriment.”

Lifesearch managing director Tom Baigrie: “There is not a level playing field in the protection sector. With non-advised sales deliberately looking simple, which we know and the FSA states is not the case, consumers are not seeing the value of good advice as it is all about the cheapest deal.”

SimplyBiz Chairman Ken Davy: “The issue of loss of consumer rights when they buy on an execution-only basis is a major issue for consumers and the associations which seek to protect them.”

Former Bright Grey chief executive David Robinson: “We fully support Money Marketing’s campaign for a clearer pre-sale procedure but to require individuals to understand that they are taking on the decision-making risk is the bare minimum we should be aiming for. We believe that “advice rather than price” is imperative if consumers are to get the best out of the protection market.”

Torquil Clark Life Insurance director Jason King: “We believe distributors that sell protection without giving advice and/or without offering a full product range should make it clear to the consumer the limitations of their service and the rights the consumer is giving up.”

Highclere Financial Services partner Alan Lakey: “There are complex issues over the purchase of protection products. The customer should be taking advice from someone who is whole of market.”


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