L&G says gov’t must do more to promote ‘joined up products’
The government has not done enough to push forward development of joined up financial services products, according to Legal & General.
John Pollock, group executive director for protection and annuities at Legal & General, said there had been good noises but not a lot of action from government about so-called “joined up financial services products”.
In a video interview with FTAdviser’s Emma Ann Hughes, Mr Pollock said: “What is very clear to everybody is the welfare state, as it currently exists, is not sustainable.
“The government is ready to make some changes but I think we really need to see some of those come through in positive, policy statements to enable us to really pick up the baton and move forward.
“When certainty emerges we will be able to develop some of those products and extend some of those services to society.”
If Legal & General were working more closely with government, Mr Pollock said the provider could develop staggered retirement products that phase into long-term care funding deals.