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Which? scraps plan for protection advice arm

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.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. After many years of complaining that advisers are taking their customers’ money it begins to look like Which? might now be learning a little bit about the real commercial world.

  2. @ Peter Turner very well said

  3. if which are truly independent they should recommend their readers use an independent adviser in the area they live surely not one advice firm?

  4. : “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.”
    Err ? is it worth speaking to Mr Wheatley and his “Innovate team” they think it is easy to deliver mass advice with no or little human interaction ! (tongue in cheek)

    Yes it might be but crikey you will empty your bank account a alarming rate !!

  5. Good Mortgage Man 13th November 2014 at 4:24 pm

    Ah, so the impartial consumer champions will not do the right thing by their clients because they don’t see enough money in it? Interesting…

  6. So, am I right in thinking that Which? think they should be charging more for thier advice in order to make it profitable? What a surprise…….

  7. How much ‘commission’ sorry introducers fee will they earn?

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