The "diabolical" selling of protection back books needs to be regulated and restricted, with the new owners held accountable for the way the books are run, an industry expert says.
Advisers and providers have also been warned that the industry must modernise and address consumers correctly to flourish in the current market. Making a keynote speech at the COVER Health and Protection Forum, Clive Waller, managing director of CWC Research, criticised the current way closed provider books are dealt with and called for regulators to act. "The selling of books quite frankly is diabolical," he said. "If you want to look at what happened when a lot of people sold of mortgage books its not a pretty story. "I'm not suggesting selling protection books is as bad but i...
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