Advisers cautious but focused on protection following further rises to interest rates

On 22 June, the Bank of England increased interest rates for the thirteenth consecutive time, putting rates at the highest levels since 2008 on 5%. Given the ongoing cost of living crisis, consumers will no doubt be evaluating the value of either taking out or retaining protection polices going forward. "The latest rise in rates will certainly cause a further tightening on disposable incomes of some mortgage holders who are on variable rates, or those whose fixed rates are coming to an end this year," David Mead, founder of FutureProof and joint head of protection at St James' Place, tol...