IP Task Force: Three-point plan for IP

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The Income Protection Task Force has planned to launch a consumer charter as part of a three-point plan for income protection.

The proposals come amid ongoing IPTF consultation with consumer organisations and publication of the charter is expected in January.

Clive Waller, co-Chairman of IPTF said: "We felt there was a very real need to find out what leading consumer organisations felt needed to be done to make the product clearer and more comprehensible to the public. A

"And above that, what needs to be done to ensure we are treating all buyers of the product fairly."

The document will be the first part of a three-point plan the task force has developed for income protection (IP).

The second move will focus on having simple (IP) included in the first wave of the steering group's proposed simple products.

And thirdly the IPTF will publish a document, Signposts for Income Protection, in the spring which will outline key challenges that IP faces and solutions to increase sales.

Peter Le Beau, co-chairman, said: "The product has been languishing for far too long and we sense a real window of opportunity to increase understanding the value of the product and the sales it can achieve."

The IPTF produced a draft charter for the industry in April at its summit meeting.

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