Life offices must evolve to survive

Life offices have used complex products and obscure charging structures to develop power in the marketplace. This will have to change if they are to avoid extinction

Evolution of any industry is both inevitable and painful. The UK life industry has been subjected to unprecedented criticism over the past two to three years from a wide range of interests. Everyone from the FSA to the consumer lobby has had a crack at providers. There can now be no serious doubt that fundamental evolution is the only alternative to extinction. My view is that there are two core services which the industry provides and of which it should be proud, and a third which has caused all the problems. One of my hobby horses is the inevitability of the demographics of the baby bo...