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DBS members face PI threat &#39to the grave&#39

DBS members are enraged after the network withdrew professional indemnity run-off cover for ex-members, saying the advice they give now will “follow them to the grave”.

Although DBS&#39 new PI policy started on August 1, members of the Misys network were not told that run-off cover had been withdrawn until five weeks later in a group email.

Many members question how successful the network will be in contacting retired members and whether retired members who have moved home or who may be living in nursing homes will be exposed to risk without being made aware.

Over 60 advisers at a DBS roadshow in London last week have written to the network demanding that formal members&#39 question time should be allocated in the agenda, as it was under the pre-Misys system of regional meetings.

One DBS member says: “Many of us joined DBS on the understanding that we would be protected. Every one of us is going to be a retired member one day and the business we are writing now is going to follow us to the grave.”

DBS PR and communications manager Sue Lewis says: “We are obliged to write to ex-members at their last known address.

“The insurance company will not go after them until the letter has been sent out. We will do our best to let people know and then take it from there.”


FSA says two million could make switch to stakeholder

The FSA estimates that two million people with personal pensions should consider transferring to stakeholder.Its paper, To switch or not to switch, that is the question, published last week, sets out the issues that consumers face when considering switching from a personal pension to a stakeholder.The paper also says that those considering switching should seek […]

GE Life offers growth options on FTSE plan

GE Life is offering a five-year structured growth plan linked to the FTSE 100 with a choice of level of capital protection.The growth option plan offers either a full return of the initial investment or 80 per cent capital protection.Option one returns the original investment at maturity and gives 80 per cent of growth in […]

Euro rules threaten flexi loans

“Paternalistic” European Commission proposals pose a death threat to flexible mortgages, warns the Council of Mortgage Lenders.At the CML Scotland annual conference, director general Michael Coogan said the EU&#39s proposal for a new consumer credit directive places such onerous restrictions on flexible mortgages that lenders would either be forced to stop offering them or they […]

Scottish Widows & Northern Rock offer combination bonds

Scottish Widows and Northern Rock are both offering combination products which consist of a guaranteed equity bond and a high interest account. The Scottish Widows guaranteed investment combination consists of a six-year guaranteed investment bond, which is linked to the FTSE 100 index and a high interest account called the term deposit account. This has […]

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(Another) downhill stroll — retirement planning

A report published this morning by the CIPD (CIPD Employee Outlook March 2015) provides yet more interesting data to the changing landscape of retirement planning. It should be remembered that we are in a period of genuine flux here given that the default retirement age was scrapped three years ago, and new pension freedoms come online in April. Both of these alterations will have a huge impact on how employees plan for their retirement.


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