I think the main issue is that the examples highlighted, whilst unacceptable...are extremely limited examples of poor sales behaviour....they are also from quite some time ago. FIG & others have spent a serious amount of time into developing process improvements across sales, agent training & ensuring that thye aren't (as best as can be possible), not specifically targeting areas of vulnerability.
Again, this type of insurance does have value for segments of Society & it reeks of "privilege" when the RC's appointed Terminator, Ms Orr effectively states that certain demographics can't be trusted with their own decision-making process around financial products......where does it stop....round them up & take their wallets off them. Perhaps run a "pocket-money" style system for them...or exclude them from being able to buy smokes, alcohol, & other non-essentials??
It's interesting that in the example highlighted across the media, the young man had been given access to a Credit Card....surely that could have been a much more dangerous sale....what was his credit limit?? - Which bank "knowingly" sold him that financial service???
Again, I don't hold any shares in FIG, but, I think a huge factor in the SP dropping is a massive knee-jerk reaction to what was a staged play to shame an easy target.
FIG Price at posting:
10.5¢ Sentiment: Hold Disclosure: Not Held
