Financial Services Industry
Industry: Email Alert RSS FeedThe Pru turns against those IFAs that churn.(Prudential Corporation PLC)(independent financial advisers)
Financial Adviser, September, 2006
Prudential has warned sales-driven financial advisers they could face being black- listed if they continue to churn business.
The leading life provider has emailed 25,000 advisers warning it intends to identify intermediaries who have a high number of clients surrendering their polices within a few years.
Tudor Taylor, intermediaries director of Prudential, said at first the provider would sit down with the IFAs who have been identified by their computer systems and discuss with them why cash was being moved on so swiftly.
These advisers, who are not expected to number more than a couple of hundred, would then be offered help by Prudential's support staff to reduce the number of unnecessary or inappropriate contract replacements they have to...
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