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Concern over pipeline policies

Life companies have confirmed they have tens of thousands of pension term assurance policies in the pipeline, which could be hit by the Government’s expected withdrawal of tax relief.

Scottish Widows protection marketing manager Nick Kirwan estimates the number of PTA cases in the pipeline to be in the tens of thousands and is warning advisers to put the policies on risk to ensure customers are not left without cover.

An unnamed source at another life office estimates the number to be 37,000.

Norwich Union announced it would be extending free life cover to all its pipeline customers until further notice.

Royal Liver IFA market manager Andy Milburn says the most important thing is for providers to continue with the und- erwriting process on pipeline business to make sure custo- mers are on risk and protected.

Milburn says: “Providers and advisers cannot just leave these consumers unprotected. They will have to be rebroked onto ordinary term life policies.”

Hargreaves Lansdown head of protection research Jonathan Briggs says: “Having spoken to several life companies, a more disturbing likelihood is that there are a further 40,000 to 50,000 policies that are still in the pipeline and not yet completed.

“These people will not get tax relief beyond next April and are likely to be sorely disappointed.”


Relative values

Rising house prices have made many parents anxious about helping their 20-somethings in the property market

Distribution head for Smith & Williamson

Angus Duncan is joining Smith & Williamson to head its distribution team from January 2. Duncan joins from Aon Asset Management and was previously at Skandia.

A&L’s loan range available online

Alliance & Leicester’s entire prime residential and specialist mortgages are now fully available online to all intermediaries, allowing immediate decisions and KFIs to be given. A&L has also cut the rates on its self-cert and prime range and launched its credit-adverse portfolio.

Prince among financial services men

George Delaney of the Cavanagh Group and Nick Tagg from Envision Personnel Solutions made the most of their chance to impress at a recent fancy dress party for Cavanagh staff members.The theme of the party was the letter H and the impeccably turned-out duo took their chance to dress up as Rod Hull and Prince […]


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