A training matter

Last month, it was revealed that Direct Life & Pension Services is about to launch a protection academy for intermediaries. The launch, which according to the firm has been delayed for nearly a year due to regulatory changes, will see a training centre focusing on pretty much anything that is relevant to the selling of protection.

The firm hopes that the academy will help bridge the UK's protection gap, with its sales and marketing director Richard Verdin arguing that "the real means to grow this market can be found in getting to grips with the consumer issues of trust and understanding, and tackling the problems advisers face in distributing products effectively".

In addition, while there are presently many protection courses available to intermediaries, Direct Life & Pensions boasts that its academy will be the first to offer something that is neither too salesy or technical, saying its training model will focus on products and providers; general legal principles and taxation; commission; underwriting; reinsurance; and advising, buying and selling.

The industry's reaction to the launch has been positive, with one adviser saying: "This is an admirable attempt to raise standards in the industry, and it deserves to be a success. It is just a shame that the initiative had to be taken out by Direct Life & Pensions, as opposed to a trade or examination body - or even a life office."

There has been much talk in the industry about pushing for financial education in schools, and at the COVER Forum 2006, more than half (54%) of the audience believed modules on financial products should feature in the new school citizenship curriculum to raise awareness of the need for protection.

However, perhaps it needs to start before then. Perhaps, as Direct Life & Pensions argues, it is best practice to educate advisers before even attempting to educate the wider society. Whether this is true or not, let's hope 2008 will be the year when the protection gap begins to narrow.