Advisers were worried that providers are not giving brokers enough information about whether they will switch to gender neutral rates before the cut-off date, what plans they’re making to ensure pipeline business is processed quickly and whether or not existing announcements contain enough robust detail.
Kevin Carr, CEO of Protection Review, said: “We have spoken to hundreds of advisers in recent weeks and it seems that around half of those we meet are completely unaware of G-day and the potential client issues it brings, not just for protection for also for annuities. There are many advisers who don’t always see stories in the trade press and who don’t have dedicated broker consultants, and the message is not getting through.”
Protection Forum has been working with advisers and life offices for a number of months to push the industry forward with speed and has seen a degree of success with several providers openly discussing their plans.
However, it is clear from adviser feedback from across the country that better communications are needed.
Andy Walton, protection sales director for Intrinsic Financial Services, said: “There is little time left to ensure clients are made aware of the price increases that are coming across the board for protection. Many clients are under insured and it is surely right and fair to let them know that prices are set to increase for many people.
“We have launched our own targeted campaign to get the message across and the more we can do as an industry the better. Prices will start to increase well before the 21st December. There is still time to act – but not much.”
F&TRC managing director Ian McKenna added: “It is most concerning that despite all the noise the message isn’t getting through to such a large number of advisers. It is clear that we need a joined up campaign to make sure advisers know the details as soon as possible, and it’s not yet too late to make this happen.”