Baigrie applauds protection sales review

clock • 1 min read

The UK's largest ICOBS adviser has applauded the FSA's plan requiring advisers to review protection sales methods.

The FSA has written to firms requesting they review their protection sales procedures and provide written confirmation within six months that their rules meet ICOBS requirements.

Tom Baigrie, managing director of protection specialists LifeSearch said in a blog, released shortly after the announcement, that non advised telesales would suffer most.

 

He said: "If they comply they will end up facing questions that can only be answered by advice and will have to refuse to speak most every time. The result might be to remove CIC sales and by extension those of many other protection products from the non-advised telesales area altogether."

Baigrie added that Critical Illness sales scripts "meant formalising what good advisers do, and ensuring it is done every time."

Urging advisers to embrace higher standards and adapt the advisory process accordingly, he concluded: "In the end the industry has failed to police itself. All of us need to work out how to obey the rules without making the process one that leaves people buying less CIC than they did, and to extend this learning to all protection products."

 

More on Individual Protection

Half of men uninformed on prostate cancer symptoms

Half of men uninformed on prostate cancer symptoms

45-54-year-olds had the greatest lack of awareness

Jaskeet Briah
clock 28 October 2024 • 3 min read
The COVER Review 2024: New partnerships, products and consumer trends

The COVER Review 2024: New partnerships, products and consumer trends

Episode four

COVER
clock 25 October 2024 • 1 min read
Half of drinkers to reduce their alcohol intake

Half of drinkers to reduce their alcohol intake

Aviva research finds

Jaskeet Briah
clock 23 October 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read