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Brokers slam Bupa over firm&#39s &#39appalling&#39 processing of CI cover

Bupa has been accused by Lifesearch of having “appalling turnaround times” in processing new critical-illness business and other brokers have joined in the criticism.

Lifesearch says it is dismayed by Bupa&#39s turnaround in applications, saying its staff have been left on hold for up to 45 minutes. Nursing Home Fees Agency says it has taken up to six weeks to place new business on risk.

Bupa says the delays stem from unexpected levels of CI business which take longer than other protection business to process. It says it is improving its online capabilities but there is currently little alternative to calling it directly.

NHFA director Peter Fisher says: “We have witnessed four or five Bupa about-turns at strategic level, where they have reviewed their relationships with IFAs, promised the earth and delivered very little.”

Lifesearch press relations manager Kevin Carr says: “We do not have high volumes of business with Bupa. Perhaps that is why they have been so slow to get back to us.”

Bupa Health Assurance head of operations Brian Bartley says: “We are sorry Life-search has not experienced our normal level of service and recognise the inconvenience service delays may cause.”


New Star puts Ridgewell in spotlight

New Star Investment Funds has made the New Star UK special situations fund available to retail investors now the fund has built up a three-year institutional track record. This Oeic is managed by James Ridgewell who joined New Star Institutional Managers &#45 formerly WorldInvest &#45 in 1999. Ridgewell took over the management of the fund […]

S&P launches hedge funds ratings

Standard & Poor&#39s is launching a European-based ratings service for funds of hedge funds. The new ratings reflect S&P&#39s opinion as to a fund of hedge fund&#39s quality based on its investment process, team&#39s experience, control of risks and consistency of performance relative to its own objectives. S&P dirctor James Tew says: “The growing fund […]

Close Fund Management – The Close Man Hedge Fund

Type: Capital-protected fund of hedge funds Aim: Growth linked to the performance of a portfolio of hedge funds Minimum-maximum investment: Lump sum £10,000 Investment split: 100% in hedge funds Term: Eight years and six months Return: 13%-15% growth a year Guarantee: Original capital returned in full regardless of performance of under- lying investments Place of […]

&#39Set Sandler standards&#39

The Financial Ombudsman Service has asked the ABI to publish fit and proper business practices when Sandler comes in to prevent future standards being applied to past business. Principal ombudsman (banking and loans) David Thomas told delegates at the BSA conference that it would be advantageous to have a yardstick for Sandler products similar to […]


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