The Financial Ombudsman Service (FOS) has sought to provide clarity regarding any potential confusion over the products advisers should recommend to clients to cover a decreasing loan or mortgage.
Protection advisers had become increasingly concerned by FOS rulings where level term assurance (LTA) had been recommended to cover a repayment mortgage or decreasing loan. A spokesman for the FOS said: "While decreasing cover is usually the appropriate cover for repayment mortgages, there can be circumstances where the sale of level term assurance is appropriate - and there should be some evidence the consumer had a defined need for the extra cover and was able to make an informed decision."...
From 20 April
At the end of National Heart Month
Ruth Gilbert investigates another potential threat to life policies
Created for clients who might have rejected life insurance
In partnership with Golden Charter