The outlook for the financial services sector is seen to be improving as a consequence of the Retail Distribution Review (RDR), but most advisers report protection sales continue to lag following its introduction.
Research carried out by NMG Consulting has found that 8% of 100 advisers polled have seen an increase in protection business since the introduction of the RDR while 86% said the new rules had had no impact on the amount of business written. The Financial Services Authority (FSA) ruled that protection fell outside of the scope of RDR but there were forecasts that IFAs would choose to increase their focus on protection sales post-RDR. Skandia said its decision to enter the critical illness space towards the beginning of 2013 was in anticipation of advisers opting to "re-prioritise" pro...
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