Cirencester focuses heavily on independents

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Cirencester Friendly has been working on its marketing strategy to focus more prominently on independent advisers in response to RDR.

Ther provider's Holloway product-offering can build a capital sum alongside the protection contract and are thus deemed by the City watchdog to be investments.

They fall under the Conduct of Business Rules (COB) rather than the Insurance: Conduct of Business rules (ICOB).

John Bridge, director of sales and marketing at Cirencester Friendly, said: "Worry is the wrong word but RDR is a concern. Some advisers will decide not to obtain the QCF level 4 requirements needed to advise on investments and stay independent. They may look to focus on just protection instead.

"We are concerned we may lose some of the IFAs that use us now. But we are perfectly comfortable there will be enough IFAs to promote to post-RDR. We are certainly focusing our marketing to promote ourselves to IFAs that have not used us."

The definition for exemptions (Consultation Paper 11/1: chapter 8 par 8.1) to the ruling was amended last June.

The FSA clarified RDR would not apply to Holloway policies with small investment elements. Intermediaries will be required to obtain written notification from the provider, confirming the exemption definition (FSA Handbook Notice 111, paragraph 2.22).

Bridge said it was "great news" the FSA decided to exempt certain Holloway products.

He said: "Cirencester Friendly continues to work with the regulator on this and other regulatory issues on behalf of its members."

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