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Countrywide issues aid for members

Countrywide Independent Advisers is targeting members with a research bulletin steering them through the uncertainty surrounding Equitable Life&#39s closure to new business.

It is designed to help IFAs clear up policyholder confusion as they decide whether to stick with the life office or move policies.

The Misys-owned network outlines that, in addition to the possible 10 per cent penalty for surrendering with-profits funds, policyhol
ders may be hit with further charges, such as bid/offer spreads, if they move to a new provider.

Countrywide recommends policyholders act quickly but warns they must consider all their options before removing money from Equitable to make sure the benefits outweigh the potential losses.

Equitable has extended the deadline for new with-profits policies to take advantage of the cooling-off period to December 22. Countrywide recommends such clients should be advised to cancel their policy immediately.


Windsor act on liability annuities

Windsor Life Assurance is aiming to transform the personal liability compensation market with the launch of the UK&#39s first with-profits structured settlement annuity plan. Windsor, which predominantly operates on a closed-book basis, is launching the plan as it believes the introduction of a with-profits product could improve annuities by up to 69 per cent over […]

Government announces long term care plans

The Government has announced plans to catmark long term care insurance. The widely anticipated move was first predicted in Money Marketing more than a year ago. But the Government is to consult on the exact details of regulation. It is examining four options, a voluntary code of practice with Cat standards but without statutory regulation, […]

Action on loan shortfalls

The ABI has had a busy 2000 with its involvement in the Raising Standards project and endowment mortgage letters. The launch of the Raising Standards kitemark has been broadly welcomed by the ind ustry, with 78 per cent of the life and pension market clai ming to be willing to seek accreditation under the new […]

Panel voices fears on loan regulation

The Financial Services Consu mer Panel has blasted Gov ernment plans to regulate mortgages as “narrow and confusing” for not regulating advice. The plans have already run into trouble with lenders&#39 representatives who claim it could push large numbers of intermediaries and lenders out of the market. Leading IFAs believe the plans will lead to […]


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