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Price paramount when selecting GI provider

Select & Protect has revealed that despite the ongoing criticism of industry-wide misselling and the treatment of customers, price is still the most important factor when recommending general insurance providers.

The survey of over 500 intermediaries revealed that 72% of intermediaries felt that price was the main deciding factor when recommending a mortgage protection provider. 45% said they would recommend a provider based on the level of cover their policies provided, followed by the service they provide and their claims process.

The survey also revealed that, two years on from GI Day, 62% believe that regulation is still the biggest issue facing intermediaries today, with just under half saying that regulation has not had a positive impact on their customers.

Bruce Reid, managing director at Select & Protect, says: “With all of the criticism surrounding the miss-selling of general insurance products and the implementation of the FSA’s Treating Customer Fairly campaign, it is concerning that price is still the main driver for intermediaries when they are recommending insurance products to their clients.

“Of course price is always going to be one of the key influencing factors, but now more than ever, its imperative that intermediaries make sure they treat each customer as individuals when recommending GI products and ensure they identify, advise and sell customers a product that’s most appropriate to their needs.”


Midddle market firms at risk warns KPMG

The latest survey from KPMG, shows there is growing concerns that many middle market companies are at risk by not managing their cash effectively.The regular KPMG survey which canvasses the opinion of 200 companies withturnover between £5m and £500m suggests that economic optimism has just started to wane after six months of relative calm.For middle […]

FSA publishes anti-money laundering tool

The Financial Services Authority has published an anti-money laundering self-assessment tool.The aim is to prompt small firms to focus on and satisfy themselves that they are addressing their legal and regulatory obligations to combat financial crime. This follows the move to a more principles-based approach to anti-money laundering controls that was introduced on September 1.The […]

Interest-only splits brokers

Brokers are split over whether they would offer a first-time buyer an interest-only mortgage, shows research by Alliance & Leicester.Of 202 brokers questioned, 51% say they would recommend an interest-only mortgage to a first-time buyer, 34% say they would not and 13% are uncertain.Mehrdad Yousefi. head of intermediary mortgage at A&L, says: “This remains a […]

Piece together the Stonehaven options

Finally, after much speculation, the announcement came last week. Following in the footsteps of Partnership Home Loans and Retirement Plus, Stonehaven became the third provider to join equity release body Safe Home Income Plans this year.

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]


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