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5 Aug 2020

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Income Protection News

Industry views on mortgage protection insurance misselling are 'mixed'

Comments made by the Financial Conduct Authority (FSA) on the issue of misselling in the UK protection industry have prompted a wide range of responses.

According to moneymarketing.com, the regulator's director of retail policy Dan Waters caused some controversy when he claimed at a London conference last week that many protection providers show "alarming complacency" on the subject of misselling.

In response to the accusation, Lifesearch policy adviser Matt Morris has jumped to the defence of the industry, claiming that consumers usually end up with the wrong policies because they haven't paid attention to the advice given to them.

However, Adrian Kidd, an independent financial advisor at Unleash Advice Partnership, told the website that he was in agreement with Mr Waters' comments.

The mortgage and income protection expert was quoted as saying that the FSA would be able to "find plenty of evidence to suggest that protection is already being abused" if it looked hard enough.

Currently, the FSA, which regulates the sale of products in the UK, is considering extending its Retail Distribution Review (RDR) to the protection market in an attempt to ensure that consumers have the confidence to know they are buying products that they need.

The RDR was launched in 2006 to remove poor standards of practice from the retail investment market, which includes life insurance policies.

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