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ABI to update best practice guidance for critical illness

The ABI plans to revise its critical illness statement of best practice, saying the changes will bring its guidance into line with the FSA&#39s proposals for statutory regulation, which is due to come into effect next January.

As reported in Money Marketing two weeks ago, the trade body is also compiling a reference guide on CI terminology to help bring clearer medical definitions and consistency to the industry. The ABI wants IFAs, consumer organisations and the Financial Ombudsman Service to put forward their views on the guide.

The association hopes the guide will help insurers treat customers more consistently when they make a claim. The guide, which will be available to consumers at the point of purchase, will spell out what is covered under CI. The ABI expects there to be fewer disputed claims in the future.

ABI head of health Richard Walsh says: “First, we want to help everyone involved in the CI market get a clearer understanding of what is and is not covered by policies so consumers get better advice. Second, we want to help level the playing field between insurers when they assess claims.”

Capital Asset Management adviser David Dawson says: “This can only be a good thing on the basis that definitions have not being stringent in the past. The guide will certainly help with compliance.”


Churchill is stepping down as ZFS life chief

Zurich Financial Services chief executive Lawrence Churchill is stepping down from his role as head of UK, Ireland and International Life businesses following a revamp of its management structure. He is being replaced temporarily by Global Life Insurance Businesses chief executive Paul van de Geijn until ZFS appoints a successor, who is believed to be […]

B&W backs home plan for Muslims

The Arab Banking Corporation and Bristol & West have joined forces to launch an Islamic home finance product. Tailored to the needs of the Muslim community in the UK, the product will be marketed by ABC under an Islamic brand name, alburaq. Financing and full back-office support services will be provided by B&W. The agreement […]

NU admits strengthening Govt hand on price cap

Norwich Union has admitted it would not agree to a 1 per cent stakeholder cap if it had its time again and accepted its actions strengthened the Government&#39s hand. Fielding questions from IFAs at Money Marketing Live last week, NU Life chief executive Gary Withers said criticism of the insurer&#39s handling of the price cap […]

Brokers warned on principal ties

Mortgage brokers shopping around for a principal to tie themselves to should be wary of making the wrong decision and end up regretting it, senior industry figures have cautioned. Speaking at a panel session debating mortgage regulation at the Money Marketing Live conference in London last week, brokers were told to ensure that they choose […]

Auto enrolment – so far so good?

Jamie Clark – Business Development Manager The recent report from the Pensions Policy Institute demonstrates the sheer scale of auto-enrolment so far and what we can expect in the future. We’ve pulled out the key information to save you reading the full report. Auto enrolment in numbers Sources: Pensions Policy Institute, The Future Book: Unravelling […]


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