The facts are not new. For anyone at the front line of supplying financial services products, it has been known for years that our products have to be sold, they are not bought.
The people most affected by regulation were the advisers themselves, but now for the first time it seems that regulation is starting to affect those up the food chain with lower sales due to smaller numbers of advisers.
Just where were the directors of life offices and investment firms – the very people who should have been making representations when regulation first came in? Keeping their heads down, mouths shut and thinking of their own retirement two to three years away, and letting advisers fight for themselves.
Sadly the life offices are now paying the price.
Julian Pruggmayer
Director, Financial Risk Management
Wolverhampton
