Asteron quits FSC

Asteron Life managing director Nadine Tereora says it was not a decision taken lightly.

“The decision we’ve taken to resign our membership has been a difficult one. But we’re convinced it’s the right thing to do at this point in time. I do believe that the FSC has a role to play in our industry but the accent of the MJW report, and the FSC’s association with it, makes our continued membership difficult.”

Asteron Life believed the MJW report did not fairly represent the adviser community, she said. “We embrace constructive feedback, particularly so in the context of independent reports. But we don’t believe the MJW report fairly reflects the issues in its observations and it most certainly doesn’t reflect our view.” 

Tereora said if the industry was truly serious about bridging the underinsurance gap then face-to-face advice has an essential role to play. “Broader collaboration is the key if we’re to influence the best possible outcomes for customers and the IFA community plays a huge role in that. To me at least, this would be a worthwhile aspiration if we’re to deliver a sustainable and cohesive life advice market that respects all interested parties.”