Financial services representatives have called on protection providers and financial intermediaries to consider whether ‘treating customers fairly' requirements are being met if protection and life policies are not written in trust.
Mick James, protection marketing manager at Standard Life, says the industry should look, in particular, at why the use of trusts around life and protection policy payments are still treated as an ‘add-on’ service rather than as part of the regular protection application process, and whether firms can be seen to be ‘treating customers fairly’ if they do not write policies in trust. And while there has been no case in financial advice as yet to challenge the situation, Richard Verdin, sales and marketing director at Direct Life and Pensions suggests it is only a matter of time before it wil...
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