FSA shakeup will affect life insurance industry

Fri, 26 Jun 2009

A shakeup by the financial services authority will have an influence on the life insurance industry, not to mention investments and pensions . The change in legislation could ban independent financial advisers from taking any commission for selling savings plans.

The proposal, highlighted by the Retail Distribution Review, will cost financial services hundreds of millions of pounds. The aim of the changes is to address worries about misselling amongst financial advisers .

The director general of the Association of Independent Financial Advisers, Chris Cummings, reportedly commented: "While many of the proposals will be positive for the IFA profession in the long-term, we do urge caution over the cost of proposals. The economic environment is incredibly challenging for firms and the additional costs, should not be underestimated."

In other life assurance news, Resolution life are considering a buyout of the UK life insurance industry .
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