Consumer champion Which? has abandoned plans to provide protection advice to users of its Which? Mortgage Advice service, Money Marketing can reveal.
The protection advice service was originally due to launch in Autumn this year but the firm says it has decided against the move and will instead continue to direct protection queries to independent advice firm LifeSearch.
A Which? spokeswoman says: “We have decided we will continue to offer life insurance to Which? Mortgage Advisers’ customers through our partners LifeSearch, as we have done to date.”
Plan Money director Peter Chadborn says: “It is increasingly difficult to make sufficient profit margins within a scalable or mass market proposition, and this move from Which? to scrap the plans for a protection advice arm may be further evidence of that.”
Earlier this year, Which? abandoned plans to launch an annuity advice service following Chancellor George Osborne’s Budget pensions overhaul.