We'd like to hear your thoughts on the latest important regulatory proposals from the government and...
We'd like to hear your thoughts on the latest important regulatory proposals from the government and the FSA - PI Insurance and the Sandler products.
Will changes to PI rules solve the problem? Will it finally encourage IFAs to pull out of the market? Is there another way of handling the crisis?
Or will Sandler products solve the problem and finally encourage people to begin saving some of their earnings? Is it possible for IFAs to help the low to middle earner under these proposals? And will consumers trust the advice delivered?
Add your thoughts, as these IFAs have...
Re: plans unveiled for Sandler's "simplified" products
With Insurance Companies' insolvency margins being tested to the limit with the abysmal stockmarket performance, they need these 1% non profit making policies like a hole in the head.
They won't be able to afford to pay any decent level of commission, so who is going to sell them? If these recommendations are implememted it will be the final nail in the coffin for the vast majority of insurance companies and IFAs.
For God's sake get real, this is a business not a benevolent society? This government have decimated the industry already with their interference, if they can't come up with something constructive, they should keep there noses out of things that they don't understand.
Glyn Linder, IFA
Two tier PI system
I have to say that I am horrified by the idea of lowering the level of PI cover that is required. This is the FSA's way of getting round a problem of their own making (or in fairness, previous regulators' making).
If we put an end to this insane system of retrospective reviews, perhaps by agreeing a definition of misselling and actually sticking to it (as suggested by Sandler), then we would not have the problems that we have within the PI market.
It is lunacy to suggest that the way to best protect consumers is to continue these pernicious reviews that endanger the survival of many genuine IFAs whilst lowering the levels of protection that they have against insolvency caused by the same. How can this be good for anybody?
I sometimes wonder what world the regulator lives in: probably the same as this Government.
Andrew Shaw MSFA, ALIA(dip)Mgt
Phoenix Wealth Management, London
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Three years at Wells Fargo
Effective from 9 December 2019
One firm with permission suspensions left
Continuing the Architas education series for clients.
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