Bancassurers will provide a home to "orphaned" IFA customers in the wake of changes to sales and advice categories proposed in the Retail Distribution Review (RDR), HBOS Financial Services says.
Speaking at the Tax Incentivised Savings Association (TISA) seminar in London, Paul Shelley, head of product development at HBOS, says the RDR will be a good thing for the bancassurance sector which, in turn, will give consumers who no longer suit IFA advice a place to go. "Some customers will not be suited to IFA advice anymore; therefore some bancassurers will pick up the role of giving advice to these people," he said. Shelley adds the RDR, a consultation on which ends in June, will "clean up" the bancassurance industry, helping to improve its reputation. Bancassurance, borne out o...
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