ProtectionMay 2 2013

G-Day regrets rife among advisers

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BySimoney Girard

According to the online opinion poll, 39 per cent of all respondents - advisers and providers alike - said they wish it had never happened.

Although 43 per cent believed the European Union’s Gender Neutral Pricing directive, which came into force on 21 December last year, would have a positive effect on the industry, almost as many were unconvinced.

A further 18 per cent thought there would be no change as a result of the directive.

However, in February, some providers announced they had seen high volumes of business, which they attributed in part to puttingtheir plans in place for the retail distribution review and for G-Day.

At the time, Andy Watson, chief executive of Ageas UK, said the insurer had enhanced its corporate income protection proposition in January and improved commission levels.

Adviser view:

Matt Phillips, director and head of private clients for national wealth management firm Broadstone, said: “It’s clear that protection advisers are upping their games with improved propositions to entice the intermediary market. We are definitely seeing a push in this sector and I think it’s because there is no ban on commission.”