View more on these topics

Cowman makes call for standard forms

Just Retirement protection manager Paul Cowman believes life offices should standardise their application forms to make it easier for advisers and clients to avoid non-disclosure.

He said the mortgage and pension markets have produced common forms for products such as equity release and annuities, which have been a success.

Cowman said: “It would make it easier for the IFA and also for the client. A standardised set of questions would help to eliminate non-disclosure. Currently every insurer has a different form which makes things overly complicated.”

But Direct Life & Pensions sales and marketing director Richard Verdin questioned whether product providers would be reluctant to adopt a standardised application.

He said: “I do not think that standardising is the right thing to do and even if it was, providers would not do it. Insurers need to differentiate themselves somehow and if they standardise forms the only difference is the provider’s logo in the corner.”

But Cowman said: “There are no advantages to every provider having a different form. It is very rare that application forms for the same product ask for different information.”

He said many providers have invested millions of pounds in unique back-office system which complement their application forms but said insurers need to “help themselves” by doing what it takes to eradicate non-disclosure.

Recommended

Towry takes over MLP’s UK business

Towry Law has acquired the UK assets, advisers and clients of MLP Private Finance in a deal completed last week.MLP’s German parent has pulled out of the UK and Spain to focus on its core markets and is in negotiations with a Spanish advice firm about selling its Iberian arm.It has 95 employees in the […]

Clerical targets 50-74-year-olds with drawdown

Clerical Medical is offering an income drawdown plan for customers aged 50 to 74.The company says the plan is for customers who want flexible income and death benefits without the extra risks and costs associated with self-investment.The firm initially set up a drawdown to drawdown version of the plan in April.The product is now available […]

Don’t make a date with debt

The average single person spends 88 a month – over 1,000 a year – on trying to find their perfect partner, according to research by MoneyExpert.com.Men at 97 spend 30 more than women on 67 and people aged 35-44 spend the most at an average of 105.88.London is the most expensive place with at an […]

Tax avoidance (the fight goes on)

In recent times, we have witnessed high-profile celebrities and sports stars make the headlines for potential tax liabilities on ‘failed’ tax avoidance schemes. We are now used to reading about these individuals, but what about those who advise on such schemes? Read more

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com