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

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 not...