The nine companies registered under the Raising Standards Quality Mark scheme have raised their shar...
The nine companies registered under the Raising Standards Quality Mark scheme have raised their share of the life and pensions market by up to 18%, according to the Association of British Insurers (ABI).
The first quarter 2002 new business statistics show accredited companies on 39% of the new business market, compared to 33% last year. The eight companies that sell via IFAs increased new business levels to 41%.
Stuart Tragheim, Raising Standards project director, said: 'Confidence in Raising Standards among IFAs and consumers is growing, as the latest ABI figures reveal. In the first quarter of this year, more than 600,000 policies were sold, indicating IFAs are recognising the Raising Standards Quality Mark as a growing factor in product selection for consumers.'
The Raising Standards Quality Mark Scheme is a set of standards, covering clarity and comparability of information, appropriateness of the product purchased, and quality of service. Companies must provide consumers with clear information through standardised key features documents, an annual statement explaining how policies are performing, an explanation of charges and a longer period during which consumers can change their minds after agreeing to buy a product.
A new independent body, the Pensions Protection and Investment Accreditation Board, has been set up to assess companies wishing to apply for accreditation, and award the mark to brands that meet the standards.
The first brands to be awarded the Quality Mark are: Co-operative Insurance Society, Friends Provident, Prudential, Scottish Widows, Zurich Life, Eagle Star, Norwich Union, Scottish Equitable and UNUM.
