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IFAs could face legal action on LTC need

IFAs could be sued for negligence if they do not tell elderly clients about the need for long-term care insurance, says IFA Care.

Director of education and training Tish Hanifan, who is a barrister, says IFAs could be sued by families of clients who are diagnosed with a debilitating illness if they do not make them aware of LTC products.

She points to the Treasury proposals on LTC regulation, which would regulate best advice, saying this covers not just what is advised on but also what is not.

City law firm Eversheds partner Michael Wainwright says it would depend on the type of service the IFA was offering but he says there would be a risk if there were gaps in the service the IFA was promising to provide.

Aifa director-general Paul Smee says this should not be blown out of proportion. He says: “There are undoubtedly circumstances where this could happen and good IFAs should run down all the issues. It is terribly important they should be up to speed on LTC products. But the same could be said about any aspect of financial advice.”


Financial services sector slow to adopt new technology

Financial services companies are trailing behind the retail, utilities and telecommunications sectors in their acceptance of the internet as a business tool says a new survey from the Confederation of British Industry and KPMG Consulting. While 47 per cent of the other sectors are considered e-pioneers meaning they are leading the charge in using the […]

FTSE4Good launched by Roger Moore

FTSE is launching a new set of indices aimed at setting a global standard for socially responsible investment.Unicef goodwill ambassador and former 007 Roger Moore launched the fund at the London Stock Exchange on Tuesday. All licensing fees from the fund will be donated to Unicef.The FTSE4Good indices, covering UK, Europe, US and global sectors, […]

Norwich Union – Employee-Only Cash Plan

Friday, 2nd March 2001.Type: Group healthcare cash plan for single people.Minimum premium: £5.Minimum-maximum ages: None.Maximum benefits: £4900.Deferred period: None.Commission: Initial 40 per cent.Tel: 0845 3000649. 

Chiefs cross swords in mortgage rate war

The mortgage rate war between two of the UK&#39s top lenders has heated up with Nationwide chief executive Brian Davis attacking his Halifax counterpart James Crosby for allegedly making misleading claims. In a letter sent by Davis to Halifax chief executive Crosby last Friday, Davis accuses Halifax of wrongly claiming its mortgages are cheaper than […]


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