The Financial Conduct Authority (FCA) is already making good progress in clearing out rogue distributors who oppose LifeSearch’s ethos.
This is according to LifeSearch executive chairman, Tom Baigrie (pictured) who addressed an audience gathered for the intermediary’s 2025 Awards in London yesterday.
Baigrie spoke about his expectations of the review’s findings, how the regulator’s actions to date have already resulted in a reduction of rogue distributors and these distributors oppose the LifeSearch ethos which centres around honesty.
“To bring you up to date, they’ve done their fact finding and you can expect an announcement tomorrow morning of the detail of that review and how it’s going to proceed from here,” Baigrie said.
“I’m confident it will reflect the Labour Treasury’s demands that regulation enables growth which you might interpret as the reduction of any threat to commission structures.
“And that it includes a focus on vulnerable customers and on value for money – particularly perhaps in the over 50s market.
“But the detail will all be with you tomorrow.”
Downside of leaving improvements to regulator
Baigrie maintained that it was sad that the uncertainty created by the review will continue as conclusions are implemented, but said this is a necessary downside of leaving the improving of a market to its regulator.
“We are there and that’s what will happen to us,” he added.
Rogue distributors
But Baigrie added it was also interesting to note how the regulator’s focus on protection has already improved market behaviours.
“Rogue distributors, for one thing, certainly seem to have shrunk much further,” he continued.
“They, the distributors, are of course the antithesis of the LifeSearch.”
The LifeSearch ethos
This ethos, Baigrie revealed, is “very simple”.
“What we do is good,” he continued.
“The provision of large amounts of cash to those enduring surely the very worst days of their lives, whether disabled, sick or bereaved is good for those whose provision it gives peace of mind.
“It can be lifesavingly and lifechangingly good for those who claim.
“And as it helps alleviate poverty and so preserve families, its good for society too.
“But to do good, it needs to be done right.
“And to do right by customers, you have to deal with them honestly.
“And to do that, you need to know your stuff, learn about theirs and then take personal responsibility for the outcome you get them to seek.
“Sounds easy, but to keep doing it day in, day out, you need to work in a place where the management knows that the frontline journey development, or advisory job, is the hardest place to work in the firm, where the management have enough humility to realise they’re no better than you.
“They’re just differently experienced, but they too, have made cock ups.
“And that any mistake looks much worse when you make it because you were taking personal responsibility when you try too hard.”
Fostering an air of tolerance
Baigrie added that if a business’ leadership truly understands this ethos and it is implicit in the way an employer conducts itself, it will foster tolerance.
“Now tolerance is not always a virtue in business – particularly not in tech or a regulator one, but it is the only place from which honesty can spring,” Baigrie continued.
“Intolerance is the enemy of truth, whereas tolerance and humility allow honesty day after day after day – whether that’s from your sales people or your customer journey.
“That virtuous cycle of honesty, personal responsibility, humility, tolerance, flowing back to honesty – that is the LifeSearch ethos.”
