The pension term assurance debacle rattled the industry at the end of last year. But just how badly has it damaged the reputation of the industry and how long will it take to be rectified? Has it caused irreparable damage?
Market viewsAlison Turner-Holmes, Scottish ProvidentLast year saw providers divided in their views over who should be "allowed" to recommend pension term assurance (PTA). The conflicts were well documented. Fears that PTA would be recommended to protect a mortgage were well voiced. And so were fears that Insurance Conduct of Business members would not have "sufficient" pension knowledge and therefore be unable to recommend a PTA that would not have detrimental effects on existing pension arrangements. Fears that tax relief would be withdrawn in the future were also expressed. With all these...
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