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Cirencester seeks Icob regime for income cover

Cirencester Friendly Society is meeting with the FSA to discuss whether its income protection plan can be governed by Icob rules rather than Cob following the retail distribution review.

Chief executive Paul Hudson says the firm’s Holloway-style income protection plan currently falls under Cob rules because it offers the option to accumulate a cash lump sum paid out on death or maturity of the contract, so it is not a pure protection product.

But he says falling outside Icob could disadvantage the firm because adviser-charging will apply. He is meeting with the FSA next month to discuss his concerns and any “unintended consequences” of the RDR.

Hudson says: “The concern of Holloway contracts falling under Cob is that those who need the contracts might not be prepared to pay or be in a position to pay a fee and this could lead to consumer detriment.

“The effect of applying the feecharging structure to one part of the IP industry and not ano-ther will be to put the future of the Holloway sector at risk.”

Highclere Financial Services partner Alan Lakey says: “It would make perfect sense for all protection plans to be exempt from the RDR.”


Solicitors face mortgage fraud charges

Two solicitors have been charged in an alleged £50m commercial mortgage fraud case. The solicitors appeared at City of London Magistrates Court last Thursday after being charged with offences in connection with a series of high-value commercial mortgage frauds. Mark Knights of Cheshire and Kamran Malik of Birmingham are charged with three counts of obtaining […]

Risks remain “to the downside” says King

The risks to the Monetary Policy Committee’s view of a gradual recovery in Britain’s output “remain to the downside” said Mervyn King, governor of the Bank of England, today at a treasury committee hearing.

How can I help develop my professional connections?

Graeme Ballantyne, business consultancy manager, looks at how you can maximise the opportunities through your professional connections As we move through the summer months it’s perhaps a good time to pause and reflect on whether the plans you’ve made for your business are bearing fruit. One area we at PruConsulting know many advisers have been […]


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