Customers are frequently sold inappropriate protection because adviser views are formed by product marketers and ease of sale, rather than fact find and suitability for client, according to the Income Protection Taskforce.
The IP Taskforce has produced a white paper with a nine-point plan for reviving the market, which has seen falling sales, a lack of awareness and product complexity. The paper recommends professional bodies, such as the Association of IFAs (AIFA) and the Personal Finance Society (PFS), ensure advisers are competent and aware of the incidence and impact of disability. It states: “In many cases, adviser views have been formed by product marketers and ease of sale rather than fact and client find. This has created customer disadvantage in that in a high proportion of cases, they are sold i...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
