The central idea of the Financial Conduct Authority’s new Consumer Duty initiative is that clients should receive “good outcomes”.
When it comes to life and health insurance protection, this is likely to mean that firms will need to take a ‘holistic’ approach, meaning that they will need to consider all of a client’s potential protection needs, rather than perhaps thinking just about life protection in one or two areas.
Similar sentiments have been expressed in several recent trade press articles.
This means considering not only life insurance for the mortgage balance, but also critical illness insurance, as well as some form of income protection or payment protection insurance, as there is a much greater risk of becoming ill during your mortgage term as there is of passing away.
It also means considering all potential protection needs, rather than perhaps just concentrating on life cover.
If an authorised firm decides it doesn’t want to get involved in protection advice, then it has the opportunity to establish an arrangement with a partner firm, whereby insurance leads are passed on to this other firm.
In the new Consumer Duty world, Moneysworth is able to give advice in all areas of protection, including:
One of our particular specialisms is arranging suitable cover for individuals who may otherwise have found it difficult to obtain protection elsewhere.
We have helped large numbers of clients whose circumstances may be a little unusual. For example, they might:
If you wish to find out more about arranging suitable insurance for yourself, then contact Moneysworth today to find out how we can help you.
Moneysworth is well placed to become your protection specialist partner firm in the brave new world of the Consumer Duty.
We invite you to place your trust in Moneysworth’s highly experienced team, who have many years’ experience of the protection market and of helping clients just like yours to achieve fantastic outcomes.
If you want to discuss the opportunities offered by introducing business to Moneysworth, get in touch with us today.