Mutuals demand U-turn over adviser charging on 'Holloway' plans

The products, which are targeted at lower-paid blue collar workers who otherwise struggle to get cover, would likely be discontinued if they fall under the adviser charging requirements, they have warned. Holloway plans are income protection (IP) policies that also provide a lump sum on death or maturity. Their investment element means IFAs, under the new charging rules, would have to charge a fee for advising on them after 2012, which mutuals claim would make the plans too expensive for their target clients. Friendly societies are lobbying the FSA to keep suit with its rules on ot...