G-day message not reaching "worringly high number of advisers"

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Protection advisers are calling for greatly improved adviser communications from insurers and product providers on gender-neutral pricing.

The sentiment came out of an F&TRC Protection Forum meeting held yesterday in London with advisers, life offices and reinsurers to discuss the G-day changes.

Concerns included insurer pipeline strategies, whether providers would switch to gender-neutral rates before the 21 December cut-off and the level of detail communicated in existing announcements.

Ian McKenna, managing director of F&TRC, said: "It is most concerning that despite all the noise the message is not getting through to such a large number of advisers. It is clear that we need a joined up campaign to make sure advisers know the details as soon as possible, and it's not yet too late to make this happen."

Andy Walton, protection sales director for Intrinsic Financial Services, said Intrinsic had launched a targeted campaign to get the gender message across, adding: "Prices will start to increase well before the 21 December. There is still time to act - but not much."

According to F&TRC, the G-day message is not getting through to "a worryingly high number" of advisers.

Kevin Carr, chief executive of Protection Review, said: "We have spoken to hundreds of advisers in recent weeks and it seems that around half of those we meet are completely unaware of G-day and the potential client issues it brings, not just for protection for also for annuities.

"There are many advisers who do not always see stories in the trade press and who do not have dedicated broker consultants, and the message is not getting through."

F&TRC's Protection Forum has been working with advisers and life offices for a number of months to push the industry forward on the incoming gender directive.

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