Consumer Duty could result in protection market growth as advisers look to prevent foreseeable harm to clients and offer a greater variety of solutions, Royal London chief executive (CEO) Barry O’Dwyer has said.
Speaking after Royal London bought Aegon UK's individual protection book today (4 April), O'Dwyer said the income Consumer Duty rules would likely spur growth in advised protection sales. Speaking to PA, he said: "We would like to see the protection market grow much more than it has done. It hasn't grown to the extent that it ought to. There are lots of reasons for that, but I would like to see that market grow, particularly through advisers. "Maybe with the onset of Consumer Duty makes it more likely that protection business will grow in the future. It is very clearly a 'foreseeable ...
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