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BMA backs Wesleyan single ‘multi-tie’

The British Medical Association is telling its 120,000 members that its multitie deal with Wesleyan Assurance’s offers “greater flexibility and consumer choice”.

The BMA told Money Marketing: “New regulations from the FSA from January mean that the service can no longer be described as ‘independent’ unless members are given the option to pay fees.”

Money Marketing revealed last week how Wesleyan told staff at its specialist medical advisory arms BMA Services and Medical Sickness to tell BMA members that the FSA would not allow it to describe itself as independent because it does not charge fees but it did not mention that it is now multi-tied rather than offering whole-of-market advice.

Although the firms are now multi-tie, BMAS & MS only offer Wesleyan permanent health insurance and pension products.

New whole-of-market rival Berry Birch & Noble Independent Medical Services says it would be very surprised if high-net-worth clients would be happy with the single-tie option on key product lines.

BBNIMS Head Steve Higson says he expects 20-25 per cent of medical business to be PHI sales.

He says: “When given the option of independent or tied advice, we have found that very few high-net-worth individuals, such as doctors, would favour tied agents.”

Wesleyan declines to comment.Comment, p35

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