Gregor Sked, senior protection development and technical manager at Royal London, looks beyond the mortgage trigger point for protection advice to other life stages where protection should be introduced into mainstream advice, as well as how this fits into Consumer Duty requirements.
A recent study from the FCA1 has brought the age-old discussion of the protection gap into the spotlight once again. The FCA's findings highlight that 12.8 million UK adults have low financial resilience, defined as the ability to withstand life events that impact your income. Protection advice exists to help people retain their financial resilience when unexpected life events occur. Despite this, it still isn't considered to be mainstream advice. There is a misconception that protection is only required when a customer takes out a mortgage. This should not be the case, and we have id...
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.
