Graham Boulger Group Sales Director of the Paymentshield Group says “We have warned insurers time and time again about the business practices of some of these distributors. Some are taking on agents with no experience or qualifications in the industry and we are seeing some very dubious sales practices”
Graham goes on “It is the responsibility of insurers to ensure that those people actually advising consumers to buy pure protection products are experienced and competent enough to do so. I would ask the FSA to instruct insurers to keep a tighter control until full regulation in 2005. We do not want another misselling scandal”
Graham added “At our recent roadshows, our Chairman Rick Riding was warning advisers against dealing with companies with no substance behind them, if you are a mortgage intermediary considering placing insurance business via a network, make sure they are both ethically and financially sound”
Further information can be obtained from Graham Boulger at Paymentshield on 01704 215212 or via email [email protected]
