Professional Solutions IFA director Mark Ryan has won a battle with GE Life after confusion over placing an impaired life annuity.Ryan was quoted a rate of 6.5 per cent on a £22,000 impaired life annuity but subsequent quotes were reduced by the company to 5.5 per cent. This left Ryan being forced to revisit the client, requote and write a new suitability letter. GE Life says it reduced the rate once it realised that the £22,000 was made up of three separate annuity pots. But Ryan says he had already explained to GE Life for the original quote that the monies would be coming from three different pension providers, with the sums all under £10,000. After speaking to Money Marketing and writing to the company to demand compensation, Ryan says GE Life has conceded that there were communication errors and has honoured the original rate. Ryan says: “GE Life has now honoured the original quote. I just wanted to warn other advisers they need to be aware of this. GE Life has now made it clear this should not have happened in the first place.” GE Life product manager, annuities Matt Trott says: “The legislation can get very difficult and technical. But there was a breakdown of communication and the IFA was left with the wrong message and so we have agreed to amalgamate the three policies.”
Telford-based independent life insurance broker LifePolicies Direct has been acquired by Torquil Clark for an undisclosed sum.LifePolicies Direct will maintain its brand and name. Managing directors Jason King and Simon Platt will maintain their directorship of the business.The combined turnover of the new group now stands at over 9m with a client base of 100,000, […]
Sesame Mortgages is setting itself a target of instructing more than 1,000 cases a month by the end of 2005 through its new eConveyancer system.
Henderson Global Investors has set up a Horizon global property equities fund which will invest in listed property securities worldwide.
Zurich is facing another pension probe over selling higher-charge policies when stakeholder products could have been more suitable. The firm claims that it notified the FSA of its concerns over pension sales processes. The regulator is making Zurich review all Allied Dunbar individual retirement plans sold between September 2002 and April 2004 after concerns that […]
Over the past year, both conventional and inflation-linked gilts have generated returns in excess of 25 per cent. Meanwhile, inflation has only risen by between 1 per cent and 1.5 per cent. Click here: ILG webinar note 1016
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