Guidelines issued over selling in TEP market

Life offices have been advised to explain the benefits of selling with-profits endowment policies on the traded endowment policy (TEP) market, following new guidelines published by the Personal Investment Authority (PIA). Unlike IFAs, life offices do not have a regulatory duty to inform customers surrendering their policies of their selling options. The PIA claims that policyholders can expect a better cash value for the policy if it is sold on the TEP market. David Carrington, sales and marketing director at Policy Plus, said the guidelines should help encourage more consistent adv...