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‘IFA involvement is critical in ABI review’

The Association of British Ins- urers must involve more IFAs and medical professionals if its critical-illness consultation is to save the product, warns Standard Life protection marketing manager Mick James.

More effort at explaining the product to consumers through intermediaries and less attempts at tampering with tiered payments and cancer definitions are needed if the consultation, which closes in two weeks, is to have any success. The consultation has canvassed the views of providers but other parties should be involved, says James. James says critical-illness insurance cannot continue to work in its current format as it is a “broken” product. He singles out the effort to repackage cancer protection through tiered cancer definitions as fundamentally flawed as intermediaries will not be able to communicate the differences between categories which could lead to accusations of misselling in the future.

James says: “We welcome the ABI taking on CII but the product is broken. We need to be able to have open and frank discussions for there to be change but I fail to understand how the ABI is going to come to a decision on what it is going to do.”

ABI spokesman Jon French says: “These are perfectly valid views. But with all of these things we have to not only look at individual submiss- ions but also how overall opinion is going.”


Winterthur offers online fund service for advisers

Winterthur life is setting up an online valuation fund-switching and admin service for advisers. Advisers can now get up- to- the-minute policy and portfolio information for clients with Winterthur personal pension, Sipp trustee investment plan, SEction 32 and EPP contracts. The site offers online fund switching and premium redirection, client summary reports downloadable as PDFs […]

Clerical Medical publishes new A-day advice

Clerical Medical has published new advice to help IFAs prepare for A-day and the anticipated rush towards contract based group personal pension and stakeholder schemes.Ninety five per cent of intermediaries highlighted new trustee responsibilities as the main driver for change amongst smaller occupational trust based schemes, according to new research from Clerical Medical. Clerical Medical […]

Financial adviser who stole 10m jailed for 12 years

The financial adviser who stole 10m from Halifax over four years to finance his gambling habit has been jailed for 12 years at Swansea crown court. Graham Price left three empty boxes in a safe with a signed IOU saying borrowed 7m from the Halifax. Price held stakes in 11 horses and also used the […]

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


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