The overarching intention of the Financial Conduct Authority’s (FCA) Consumer Duty regulation serves as a message to advisers to reconsider their approach to protection, industry experts agree.
Speaking at PA360 last week, LV= protection sales and marketing director Mike Farrell labelled protection as "genuinely the right thing to do" for clients and noted the clear link with the regulator's new approach to adviser behaviour. "Consumer Duty is encouraging all advisers to consider protection as part of a full view," he stated. "The phrase coming up again and again in the regulation is that ‘advisers must enable customers to meet their financial objectives'." Lloyds Banking Group protection director Rose St Louis acknowledged protection is "complex" but agreed its necessity ha...
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