The government must play a part in ensuring the ICOB review closes the price gap between advised and non-advised protection sales, says John Greenway MP, chairman of the All Party Parliamentary Group on Insurance and Financial Services.
In a briefing today on the Cover magazine - sister publication to IFAonline - Promoting Protection campaign, Greenway stated: “We want to see people being encouraged to buy the right protection. The government must take an interest in the Financial Services Authority’s review of general insurance to ensure the gap on price between advised and non-advised sales is tackled.” Greenway believes unless the price gap reduces and regulation is adjusted, the UK will end up with a mis-selling crisis similar to that seen in the payment protection insurance (PPI) industry where people are badly advi...
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