Royal London CEO: Consumer Duty to fuel protection growth

Speaking after acquisition of Aegon UK individual protection book

Jenna Brown
clock • 3 min read

Consumer Duty could result in protection market growth as advisers look to prevent foreseeable harm to clients and offer a greater variety of solutions, Royal London chief executive (CEO) Barry O’Dwyer has said.

Speaking after Royal London bought Aegon UK's individual protection book today (4 April), O'Dwyer said the income Consumer Duty rules would likely spur growth in advised protection sales. Speaking to PA, he said: "We would like to see the protection market grow much more than it has done. It hasn't grown to the extent that it ought to. There are lots of reasons for that, but I would like to see that market grow, particularly through advisers. "Maybe with the onset of Consumer Duty makes it more likely that protection business will grow in the future. It is very clearly a 'foreseeable ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Record protection payouts must spur advisers on

Record protection payouts must spur advisers on

These aren't products that sell themselves

Ahmed Bawa
clock 01 November 2024 • 5 min read
Could a broader advice definition boost protection's reach?

Could a broader advice definition boost protection's reach?

'No one wakes up in the morning thinking about buying life insurance'

Paul Yates
clock 22 October 2024 • 4 min read
Are we talking enough about protection and succession planning?

Are we talking enough about protection and succession planning?

Why are more IHT liabilities for gifts not being protected?

Naomi Greatorex
clock 30 September 2024 • 4 min read