View more on these topics

ABI wants protection risk rating reduced

The ABI and protection providers are lobbying the FSA to abandon its classification of protection products as higher risk than other types of general insurance as it designs its regime for their regulation.

In CP160, the FSA proposed placing protection in a “higher-risk” category than other types of general insurance because it says their long-term nature makes them inflexible.

But Scottish Provident and the ABI say there is no reason to treat critical-illness cover, income protection, long-term care and private medical insurance differently.

They say their long-term nature actually benefits consumers as they are not subject to annual underwriting, as is the case with other products. ScotProv says the exception should be long-term care insurance, which should be higher risk than household or motor insurance.

The FSA is expected to publish proposals for regulation in Q2, with implementation in January 2005.

ScotProv head of marketing and product development Nick Kirwan says: “The additional things that providers would have to do as a result are not onerous. It is the label higher risk that we have a problem with.”

ABI spokesman Malcolm Tarling says: “We do not believe any of these classes of healthcare products deserve the tag of higher risk.”

The FSA declines to comment.


Has PI cover ceased to be?

Those of you around the apocryphal average age of the IFA will no doubt recall the Monty Python gag involving the Spanish Inquisition. As I recall, the punch line was: “No one expects the Spanish Inquisition.” In the same vein, I am sure not many expected the arrival of a consultation paper on professional indemnity […]

Inside Edge

Dear Mrs Brown, I thought now would be a good time to write to you as we have only a few weeks left of the 2002/03 tax year to decide what to do with your and your husband&#39s £7,000 Isa allowances.As you know, in previous years, I have consistently recommended that we should always be […]

White-label deal for Merricks newsletter

Professional View, the monthly marketing newsletter written by Simpsons of Brighton IFA partner Andrew Merricks, is being offered on a white-label basis to rival advisers. The letter, which costs £50 a month in each local area, contains forthright views on topical issues which IFAs can send to favoured solicitors and accountants with the aim of […]

Out of context

•”I&#39ve been Bob the builder for the past few months but I can&#39t sell my house so I&#39m having to move into it.” -M2 Financial&#39s Mark Howard.•”I have never had the desire to fondle a waxwork.” – Whitechurch Securities chairman Kean Seager on colleague Ian McIvor&#39s fondness for Kylie&#39s Madame Tussauds double.•”I was like a […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm