In its quest to improve what the protection market as a whole does for consumers and customers, the PDG sent Alan Lakey and Tom Baigrie to meet with the Financial Ombudsman Service (FOS) to seek help in allowing advisers to give the advice they think best, rather than focus entirely on arranging the cheapest deal.
While many reading this will say that they have no hesitation in recommending protection solutions they think are the best value, we do hear advisers complain, dare we say especially at networks, that their compliance officers sometimes prohibit them from doing what they think is the right thing. The compliance rationale for doing so is that the FOS have made decisions against firms where the adviser has gone for a more expensive solution than they could have. Alan listed the following examples: 1. A joint life or two single life plans? Many advisers prefer a couple to take two single...
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