Platform targets legislative change: Ageas Protect
Andy Milburn of Ageas Protect said the technical platform will explain how legislation, such as the EU’s gender directive, will affect to cost of taking out protection for men and women when gender-neutral pricing comes into effect on 22 December 2012.
Mr Milburn said: “Protection intermediaries need to be aware of the bigger picture in the final months of 2012. Gender neutral pricing definitely creates a number of major challenges.”
However, it is not the only major regulatory change that will affect protection customers at the end of 2012. The I-E tax regime change could also have a major effect on any protection advice IFAs give their customers.
Mr Milburn said: “You can’t consider one thing in isolation. Intermediaries and providers need to work together to consider and understand the implications of both initiatives.”
Ageas Protect will send emails notifying IFAs on the changes and advisers will also have access to a dedicated legislative area on the Ageas Protect website
Mr Milburn said: “We will update and inform our intermediary partners over the coming months through our new microsite on a number of issues, which the I-E tax regime change and introduction of the gender directive will create, including the answers to a growing number of questions that protection intermediaries will need to know on both subjects.”
David Clay, IFA for Wiltshire-based Hudson Green and Associates, said: “I don’t know much about the implications of the EU gender directive so something like this would be very helpful.”
Ageas Protect is the financial protection arm of Ageas in the UK.