Advisers who previously specialised in pensions and investments are expected to write more protection business following the implementation of Consumer Duty, Royal London has said.
In H1 company results published on today (4 August), chief executive Barry O'Dwyer said he was confident more advisers would search for a protection specialist under Consumer Duty. However, the results showed protection new business sales at Royal London reduced to £368m, down £201m year on year. O'Dwyer attributed the decline to ongoing cost of living pressures. Royal London said its acquisition of Aegon UK's closed individual protection business, which was announced earlier this year (4 April), "will allow it to deliver synergies in the protection business" moving forward. Aegon'...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
