IFAs' protection market lead challenged by banks

However their share of the sector is being increasingly squeezed by high street banks and building societies. Figures released by the regulator in its annual survey of pure protection products - categorized as standalone critical illness (CI), critical illness as a rider, and income protection (IP) - show that IFAs were responsible for 29% of sales from April 2009 to March 2010, but banks and building societies accounted for 22%. The latter figure is an increase from just 18% in 2008/09 and this trend is reportedly continuing through the first quarter of 2010/11. The report notes t...