FPI takes industry to task

The FPI has called for full disclosure of all costs and charges relating to any long term savings product, and for any changes in costs and charges to be regularly conveyed to its policyholders.

According to Peter Nieuwoudt, chairman of the FPI: “Intermediaries are committed by FAIS to full disclosure of both commissions and life company costs and their task is virtually impossible in an environment in which life companies do not disclose their charges and costs.”