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Broker uncovers LTC error by PPP

Axa subsidiary PPP Lifetime Care has been inc-orrectly calculating the annual indexation on an immediate funding long-term care policy.

Cooper Johnston Associates director Peter Cooper wrote to PPP after discovering the error which resul-ted in a benefit payment to his client being reduced by about £150 after four years of contributions.

PPP has paid the client £250 compensation but Cooper says he has not been told whether other policies are affected.

PPP long-term care marketing manager Brian Fisher says the error was made because its computer system rounds contributions down to the nearest pound. He says PPP will not under-take a wholesale review.

Cooper says:. “We have had no assurance that this was a one-off.”

Fisher says: “We are bringing in a new system next year and we are having a revamp.”


FSA fires opening salvo in tribunal over L&G appeal

Legal & General&#39s appeal against a £1.1m FSA fine for misselling opened this week with the regulator launching a salvo against the firm. The FSA accused L&G of a catalogue of failings in selling endowments and ignoring warnings. The regulator claims that L&G kept insufficient documents on sales, turned a blind eye to warnings and […]

Ex-LIA presidents in secret summit

A secret crisis meeting took place on Tuesday between the LIA and former presidents who are unhappy with details of the merger with Sofa. Past presidents at the meeting at the RAC Club in London were Andy Bedford, Gavin Tisshaw, Peter Sprung, Len Warwick, Mike Bousfield, Tony Gordon, Christine Leach, Mike Clarke and Brendan Glennon. […]

Kelly moves from Treasury to become Milburn&#39s aide

Treasury Financial Secretary Ruth Kelly has been chosen as Alan Milburn&#39s chief aide in the run-up to the next general election. Kelly&#39s work at the Treasury has gained favour with both Chancellor Gordon Brown and Prime Minister Tony Blair and her move to her new role will be seen as a great loss by Brown&#39s […]

Abbey for Intermediaries – Growth Options Plan 2

Type: Guaranteed equity bond Aim; Growth linked to the performance of the FTSE 100 index Minimum-maximum investment: £3,000-£1m, Isa £7,000 Term: Six years Return: Option 1 &#45 100% growth in the index capped at 56% at end of term, option 2 &#4528% of original investment at end of term Guarantee: Option 1 &#45 Original capital […]

Neptune’s Burnett looks beyond Greece

Watch Rob Burnett, manager of the Neptune European Opportunities Fund, discuss the Greek bailout deal and its potential implications for European equities. In the video Rob discusses: Why, with the Greek crisis receding, markets can now focus on Europe’s strong fundamentals The resilience of European markets and why the recovery is on a solid footing […]


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