Originally posted by Denny
Similar thing happened to pensions. Each company had its own sales force and some IFAs sold a variety of products. The govt thought people were being hoodwinked by the self interest of the sellers so they decided to legislate. Given that it is impossible for one person to know enough about Insurance products to be equipped to give an individual a thoroughly objective review of products against an individuals personal unique requirements, how does the govt rectify the situation?
What happened is that the government dramatically reduced commissions to sellers of pensions, and it also introduced the concept of mis selling. The result?
No one today buys pensions,
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