I write with regret that the income protection (IP) quality standard (QS) has been abandoned.
First, it is worth recapping on the concept. Originally, the IP Task Force White Paper proposed a “quality mark” (we now use the term “quality standard”) for IP products. Karin Lloyd and I carried out a feasibility study with four insurers to create a QS framework which would meet consumer needs and eliminate, as far as possible, consumer detriment issues. The four insurers that supported us were (in alphabetical order) Cirencester Friendly Society, Exeter Family Friendly, Friends Provident (now Friends Life) and HSBC. I would like to put on record my gratitude for their support. Our ...
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