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Duncan McMillan, of Lifesearch Head of Sales, has hit out at the Association of British Insurers for failing to highlight the importance of life cover for customers, reports new review site Quote Life Cover.
He says: “Last time I checked the FSA handbook, part of the mission and remit of that regulatory body was promoting understanding of the financial system. I cannot remember a time when they genuinely did that positively in protection.
Following the failure of the consumer protection insurance engagement campaign, Lifesearch head of sales Duncan McMillan says the regulator has not promoted the need for protection.
McMillan also says the ABI does not do enough to promote protection. He says: “If we cannot look to the industry’s trade body of our regulator, who do we look to?”
However, Mithrandir Consulting Principal and former Swiss Re Head of Life and Health underwriting Jerry Brown says; “ I am not surprised that the campaign did not take off, it is like herding cats. Yes, it is about time that the ABI got involved but there are too many vested interests there.”
Pru Protect director of protection development Kevin Carr says: “I am yet to hear a solid and unresolvable reason as to why the campaign could not proceed one way or another. Some of the rebuttals are little more than red herrings.”
ABI assistant director of health and protection Nick Kirwan says; “We agree that more needs to be done to promote protection, but need to work together to achieve this.”
Tags: Assistant Director, Association Of British Insurers, Consumer Protection, Failure, Health, Herding Cats, Insurance, Insurance Sales, Jerry Brown, Kevin Carr, Kirwan, Last Time, Mcmillan, Nick, Protection Insurance, Pru, Rebuttals, Red Herrings, Regulatory Body, Remit
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