A huge industry initiative designed to raise consumer awareness of the need for protection and backed by more than 20 insurers has been cancelled due to a lack of funding.
The Consumer Protection Insurance Engagement Campaign (CPIEC) was set up earlier this year by LifeSearch managing director Tom Baigrie in a move which saw him finish top of Professional Adviser's ‘50 most influential' list.
Against the backdrop of a reported £2.3trn UK protection gap, CPIEC represented a new way to examine the causes of low consumer engagement with protection and develop a consumer campaign to help build awareness of consumers' protection needs.
The cost of the plan was estimated £5m in the first year and, if successful, £3m in the second and, perhaps, thereafter. This bill was to have been split between all by dividing the provider market by estimated annual premium income.
Baigrie, CPIEC chairman, says: "[We have] not achieved the agreement on funding that we had hoped and [CPIEC] is therefore at an end for now.
"Whether there is further action in the future is for others to decide [but it is] a great shame the leaders of the protection industry could not agree to move forward and meet the costs."
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