BUPA, Bright Grey and Scottish Equitable have said that they will not accept pension term assurance business through execution-only insurance brokers. They will only be accepting advised sales over execution-only. This is despite execution-only brokers stressing the importance of putting warnings on all literature and highlighting all risks to clients.
Other providers have said that they support advice whenever possible but if direct sales are entering the market, that they would insist on clear warnings on marketing material.
Our view
'Execution only' means that you receive no advice and the financial services company is not liable for any mis-selling or mis-buying problems as you accept this responsibility yourself. We do not agree with the practice of buying without advice - many people make too many errors and lose money. Likewise, with the temptation of commission, many advisers sell the wrong things!
This is why we set up , low cost, direct help and advice from professionals available online, whenever you need us.