New TEP rules should boost IFA income

The FSA's new rules on endowment policies requiring IFAs to inform clients of sales opportunities kick in on 1 September and could mean millions of pounds in extra income, according to calculations made by Surrenda-link. The rules were announced in April this year and mean that consumers looking to surrender policies must be told of the sales option. Surrenda-link says that in the past year alone IFAs could have earned an additional £15m in commissions if they had made clients aware of the option of selling through the TEP market. Surrenda-link says the yield can be up ...