Major UK life insurance and pensions provider Friends Provident is considering returning to the group life insurance market before the end of the year, IFA Online has reported.
The financial services information website has reported Friends Provident’s head of protection marketing Ian Jefferies as suggesting that the company is strongly considering its return now that the rules on group life insurance have settled down.
If re-entry into the group sector is realized before the end of 2006, Friends will have spent less than a year away, having originally pulled out of the sector ahead of the implementation of the sweeping new pensions and savings rules on ‘A-day’ because of concerns over the impact of new, more complex rules.
However, according to Mr Jefferies, the life insurance provide is now sufficiently reassured about the new regulations that previous caution is no longer warranted.