Regulator targets CU
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Your support makes all the difference.COMMERCIAL UNION has been asked by its regulator to investigate the system it uses to train its direct sales staff, writes Caroline Merrell.
The Life Assurance and Unit Trust Regulatory Organisation has asked the life company to provide a full report on the training of sales staff. The company currently has 800 direct sales personnel and 50 administrative staff.
Its training scheme has been in operation since April last year, when all life companies had to comply with a mandatory requirement to have a training system in operation. All life company training schemes must have accreditation from Lautro to ensure they are adequate. Ray Morley, Commercial Union's manager of marketing services, said: 'The inquiry is at a very preliminary stage. We need some more detail. Training is something we take very seriously.'
Many of Lautro's investigations have centred on the activities of life companies' direct sales staff. It has fined 15 companies, many for failing to control the activities of direct sales people and representatives.
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