Financial advisers are viewing the upcoming EU Gender Directive as an opportunity to gain new business rather than a threat, according to Scottish Provident. Research conducted by the firm found 75 per cent of respondents viewed the gender directive as advantageous for them while just 22 per cent saw it as a threat. Two thirds of advisers said they expected the directive would give them an additional reason to talk to their clients about something which will directly affect them. Some 16 per cent of advisers said they were hoping to gain more female clients before the directive deadline but 12 per cent said they were concerned they would lose female clients.
The directive will come into force on 21 December and will mean insurance companies will no longer be able to discriminate between sexes for quotes. Jennifer Gilchrist, senior product development manager at Scottish Provident, said: "In some ways the Gender Directive provides an immediate opportunity for the protection market. "It is clear that women are especially vulnerable to the increased costs of life insurance following the directive, but there will likely be price rises across the board. "IFAs should take advantage of this now and encourage clients to protect their families against the worst case scenarios."
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