Advisers have been airing their views at today’s F&TRC Protection Forum conference on the gender ruling, held in London and attended by intermediaries and providers.
Key issues for advisers were; exact cut-offs around providers ceasing to quote gender-based rates; and worries about the two-stage impact on rates of December’s gender re-price and income minus expenses (I-E) tax changes on 3 Jan 2013.
Roy McLoughlin, adviser at IFA Master Adviser, said: “With six months until G-day there are a plethora of unanswered questions for advisers. It is imperative distributors work alongside life offices to find answers and manage realistic customer expectations.
“The timescales and potential underwriting delays should not be under estimated alongside the anticipated bottle neck insurers may face later in the year.”
The half-day event was split into three workshops: provider to adviser communication, provider to client communication and TCF issues.
Adviser called for a heads-up from providers on re-priced rates ahead of G-day to ensure their adherence to the FSA’s TCF principle, particularly number three which states: “Consumers are provided with clear information and are kept appropriately informed before, during and after the point of sale.”
Ian McKenna, managing director of F&TRC, said: “There is clearly a lot of good work already from some insurers on this issue, however, advisers need more communication and more detail at the earliest opportunity.
“In view of TCF principles providers need to consider providing post G-day prices as early as possible so that advisers can manage client expectations.”
The last F&TRC Protection Forum meeting was in March. A draft statement of good practice on gender neutralisation followed.
The draft has compiled adviser requirements, as agreed by adviser members, to ensure sound TCF practices.
