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

From the annual review to the 'always on' adviser/client relationship

From the annual review to the 'always on' adviser/client relationship

'Regular reviews will still play an important role, but clients' lives do not follow a servicing calendar'

Tessa Lee
clock 28 July 2026 • 4 min read
Number of British millionaires drops to lowest level since 2008

Number of British millionaires drops to lowest level since 2008

Estimated number of 442,000

Sophia Panayi
clock 28 July 2026 • 3 min read
Tessa Lee: The invisible cost of poor client data

Tessa Lee: The invisible cost of poor client data

How can you improve data quality?

Tessa Lee
clock 23 July 2026 • 4 min read