Life industry will 'self-destruct in 5 years unless it backs RDR'

clock

The life insurance industry will self-destruct in the next five years unless it backs the Retail Distribution Review's (RDR) core aims of putting the customer first, warns Winterthur Wealth Management.

Mike Kellard, CEO at AXA and Winterthur Wealth Management, says new players such as wrap platforms will take over the market unless the traditional life industry transforms through communication and simplicity to prevent customer confusion. Speaking today at the Rethinking Life Insurance 2008 conference in London, Kellard says streamlining the industry should mean just two advice tiers – qualified and unqualified. He says qualified advisers would include professional advisers and unqualified advisers would dispense generic advice as trainees at a firm. Kellard also warns the FSA must n...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

News editor's view: 40s are the new 50s - a move in the right direction? 

News editor's view: 40s are the new 50s - a move in the right direction? 

The news editor's Friday Night Takeaway from 1 May

Isabel Baxter
clock 01 May 2026 • 3 min read
Feel Good Friday: FOS chooses Dementia UK as charity partner

Feel Good Friday: FOS chooses Dementia UK as charity partner

Will support Dementia UK over the next two years

Professional Adviser
clock 01 May 2026 • 1 min read
Why 50:50 parenting doesn't necessarily mean no child maintenance

Why 50:50 parenting doesn't necessarily mean no child maintenance

'In many cases, one parent will meet a greater share of the children’s financial needs'

Clizia Motterle
clock 01 May 2026 • 4 min read