Just 11 days to get your views to the FCA on the scope of the Pure Protection review but let us make it easier for you
Before I recap last week on Protection Guru, I want to call out the deadline for sharing your views on the biggest regulatory review of life insurance for nearly two generations.
Personally I think the scope of the proposed review is far too much on commission and does not include a whole range of wider issues that are equally important. In case you do not have time to submit a personal response, Protection Guru has created a survey for advisers of key issues we believe, based on our discussions with advice firms, are important. If you have not already done so please complete the survey here.
The results and issues raised will be discussed during our Protection Forum tomorrow and if you have not already registered for this event you can do so from the box half way down this page
So a quick summary of all that could be learned from Protection Guru last week. Recognising Income Protection Awareness Week much of our content was focused in that area starting on Tuesday with Adam Higgs analysis of How do income protection policies cover stress if you do not understand this subject fully it is easy to make mistakes presenting a claim, so this really is crucial guidance for advisers.
Adam continued on Wednesday looking at the differences between guaranteed, reviewable and age banded premiums. Another great study getting into some crucial issues advisers need to understand.
At the end of the week we shared our 6 key pages advisers should read to understand the nuances of contracts from leading Income Protection providers.
Our other main update last week was an extract from Hazel Carter’s story from our last Protection Forum. This is both a deeply moving and inspiring story which I would urge anyone in the advice industry to watch as it brings a different perspective on the value of the work we all do.
Turning to other market activity I was delighted recently to sit down with Tom Dunstan from FT Adviser, and Industry Legend, Alan Lakey to record a podcast on why it is essential for advisers to engage with the FCA Pure Protection review. If you have 30 minutes to spare I would strongly recommend this ‘Essential’ protection industry works with FCA on review – FTAdviser
In addition, the following pieces are well worth making time for:
Peter Hamilton from Zurich who is also ‘Regulatory intervention may be the only way to advance protection’ – FTAdviser
Stephanie Charman Sesame Bankhall
‘Onus is on us to ensure greater protection awareness’ – FTAdviser
Momodou Musa Touray on the new
Vitality launches digital health profile for members | Money Marketing
As I mentioned previously, a wealth of content emerged last week in support of Income Protection Action Week. I have highlighted below some of the best coverage you may want to read:
IPAW 2024: advisers urged to put themselves in clients’ shoes | Money Marketing
IPAW 2024 FCA requiring advisers to recognise vulnerable circumstances- Richards
Finally, Artificial Intelligence and its consequences is one of the most prominent topics of discussion in any industry today and life insurance is no exception. Advisor Engine in the US recently published a brief (sub 10 minute) interview I recorded with them earlier in the year. They have put this summary together very well so if you have ten minutes to spare over at some point.
If you are interested in understanding more about artificial intelligence and how it will affect financial advice, a wealth of other content on that and all aspects of adviser technology can be found at our sister site www.AdviserSoftware.com
