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Aegon has no plans to follow L&G lead on disclosure

Aegon Scottish Equitable says it is unlikely to follow Legal & General and abolish consumers’ requirement to disclose changes to their circumstances between the application process and the policy going live.

Aegon says it has an older client base than L&G and a significant amount of the claims it declines are rejected due to non-disclosure before the policy starts. L&G recently scrapped this rule but Aegon says eradicating this requirement is unfeasible for any firm without a majority of preferred lives.

Spokesman Mark Locke says if Aegon was to follow L&G’s lead, its risk would increase significantly due to its older customer base, whose health is more likely to deteriorate during this period, which could lead to price increases for all policyholders. Instead, it is improving its literature to make applicants’ responsibilities clearer.

Munich Re director of client management Andrew Francis says: “Where an insurance company has a younger book of lives and manages its pipeline quickly, logic says the cost of providing this guarantee will be smaller.”


ABI meeting with Treasury to protest against PBR hit to life insurers

The Association of British Insurers is to meet with the Treasury on Tuesday to discuss the implications for the life industry arising from Chancellor Darling’s introduction of a flat rate of capital gains tax.As revealed by Money Marketing last week, the Chancellor’s pre-Budget changes to capital gains tax will damage the insurance bond market and […]

Boutique fund launchesneed IFA support

SVM head of retail sales Mark Noble believes it is crucial for new boutique fund launches to get endorsement from adviser firms and multi-managers if they are to get through their initial phase of asset gathering.Noble said at the roundtable debate that while bigger companies may be able to seed funds, boutique firms really needed […]

Your Money Portal claiming to be ‘first true aggregator’

The Money Portal has launched its online service, Your Money Portal, to the Sage network and claims it will be the first true aggregator of platforms in the market.Advisers will be able to use the tools and services available on Your Money Portal, plugged into by Intelliflo’s Intelligent Office web-based backand front-office system, while connecting […]

The way forward

The distribution sector has a crucial role to play in encouraging people to save for the future, says Tenet chief executive Simon Hudson

Budget summary – March 2016

This week’s Budget looked as if it would be a difficult one for the Chancellor, with disappointing economic numbers and the need to avoid ruffling feathers ahead of June’s in/out referendum. Nevertheless, Mr Osborne did spring a few surprises, including some tax reductions. So how does this budget affect you? If you are – or […]


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