Advisers who previously specialised in pensions and investments are expected to write more protection business following the implementation of Consumer Duty, Royal London has said.
In H1 company results published on Friday (4 August), chief executive Barry O'Dwyer said he was confident more advisers would search for a protection specialist under Consumer Duty. However, the results showed protection new business sales at Royal London reduced to £368m, down £201m year on year. O'Dwyer attributed the decline to ongoing cost of living pressures. Royal London said its acquisition of Aegon UK's closed individual protection business, which was announced earlier this year (4 April), "will allow it to deliver synergies in the protection business" moving forward. Aegon...
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