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FSA says don’t rely on 15-year long stop

The FSA is telling firms that it is inappropriate and misleading to rely on the 15-year long-stop defence when time-barring endowment cases.

The regulator has published thematic work on time-barring endowment complaints and although it found the vast majority of cases are fair and in accordance with Disp rules, a small number were rejected inappropriately and it has called for these cases to be reopened.

The thematic work made particular reference to firms that have used the 15-year long-stop defence by stating that under the Limitation Act 1980, claims more than 15 years old can be rejected.

The FSA says such a defence is “inappropriate and misleading” as the limits set out in Disp derive from the Financial Services and Markets Act.

The FSA also pointed to firms using correspondence without appropriate shortfall warnings, starting the time bar clock on the back of inappropriate client actions or using the point of sale to start the time bar for sales into retirement.

Spokeswoman Abi Jones says: “Our work paints a mainly positive picture of firms’ behaviour and we are working with the small number of firms that have acted inappropriately to ensure processes are improved.”

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In Focus — May 2015: private medical insurance market in Germany

Welcome to the latest edition of In Focus. In this issue, Jelf examines the private medical insurance market for employers with expatriate workforces in Germany. This includes the common challenges faced in sourcing appropriate coverage, along with a selection of available solutions. This will be of particular interest to HR/reward decision makers with employees based in Germany. It will assess the cultural norms, risks and backdrop that are relevant to organisations with expatriate staff in this location.

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