FSA extends RDR to protection industry

Tue, 06 May 2008

Protection adviser Lifesearch says it is at ease about the FSA extending the RDR to the protection business as long as proposals put forward to differentiate advice from sales go ahead.

The recent interim report hints at expanding the RDR into certain kinds of protection, including term insurance and focussing on the protection needs of those in debt . Lifesearch feels that if there is a clear distinction between advice and sales, it will ensure that regulated advice is seen as valuable by consumers.

Head of protection strategy Kevin Carr says: "In principle, we like this new-look RDR, especially the focus on sales versus advice, which we have long called for. As such, we are relaxed for the FSA to consider including protection as long it continues to understand that the majority of consumers will not pay fees for this type of product, especially those in debt."
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