Our products must be fit for purpose for IFAs: LV=
LV= has pledged to keep working to understand the issues faced by IFAs so that its products are fit for purpose, John Perks has said.
The managing director of retirement solutions for the provider said: “Our products are fully retail distribution review-compliant, and we have been working hard to understand the issues IFAs face to make sure our products are fit for purpose.”
Mr Perks’ comments came as the group announced a strong sales performance for the first six months of 2012, with a 24 per cent increase in sales on its life and pensions products.
Richard Rowney, managing director for life at the mutual, said: “It has been a record start to the year. All areas of our life business have performed strongly, with sales of annuities growing by 48 per cent (to £36m) particularly pleasing. We are exceeding the levels we achieved in 2011, which in itself was a record year for us.
“This success is built on the growing reputation of LV=’s life and pensions business offering a high level of service, with quality products, and competitive pricing.
“Our protection business also continues to go from strength to strength, with the re-launch of our critical illness product earlier this year proving popular with advisers.”
According to the results, sales for life and pensions grew from £69.3m for the first half of 2011 to £86m this year. Retirement business grew by 25 per cent to 66.7m, while the protection business grew by 16.1m, up 20 per cent on the same period.