I don't think too many people are unaware of the sudden u-turn by the government regarding tax relief on life cover. Nor can most people be unaware of the lengths the industry went to discuss our intentions with both HM Revenue and Customs (HMRC) and the FSA once the implications of pensions simplification were understood.
It’s worrying that the one thing which has breathed new life into life cover sales has been whipped away with so little thought. But this just demonstrates the lack of joined-up thinking in the government, who prefer to talk about pensions or savings. Those of us who work in the industry, despite our individual specialities, tend to suggest a broader view of financial planning that isn’t simply limited to just somebody’s pension, personal savings or personal protection cover. We know that quite often without the third one being in place, people are not in a position to fund the first two,...
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