View more on these topics

Life offices wait until after sale to send out ABI’s PMI guide

The ABI’s own research has revealed that its guide to buying private medical insurance is only being sent to most customers after they have decided to take out a policy.

The Association of British Insurers published research on its website last week looking at customers’ understanding of the cover provided by PMI.

The research was commissioned ahead of a consultation on the ABI’s statement of best practice for PMI sales expected later this year.
The research found that most insurers do not send out the ABI guide to buying PMI until the sale was made.

Out of 36 in-depth interviews, only one person remembered getting the guide as part of the enquiry process. A third of respondents believed they received the guide too late for it to have an impact.

One policyholder said: “It came after taking out the policy, so what is the point? They should send it with the quote, not with the policy.”

The guide includes sections such as: How do I choose the right cover, what is and is not covered and will my premiums increase over time?

The ABI says the delay in sending out the guide relates to phone customers only.

A spokeswoman says: “We have taken the feedback on board and will look to make some recommendations on the statement of best practice for PMI.”


M&G is retail winner with second-quarter sales of £2.25bn

M&G has topped the gross retail sales rankings for the second quarter after racking up new investments of £2.25bn, according to the latest Lipper UK Fundflash. The sales came as M&G’s £4.9bn recovery fund managed by Tom Dobell remained popular, offsetting waning interest from its corporate bond fund, Lipper says. Invesco Perpetual ranks second on […]


DWP to ban DB-DC transfers

The Government is to stop the majority of people from transferring out of final-salary pensions into defined-contribution schemes from April 2012. The Department for Work and Pensions revealed its plans to put an end to transfers in a consultation setting out the draft legislation for the abolition of contracting out. Some pre-1997 benefits, called excess […]

A matter of discretion

With some firms offering a less than bespoke service and a limited fund range, discretionary funds may not suit everyone

Standard Life sees group profits jump 10 per cent

Standard Life has seen a 10 per cent rise in group profit before tax for the first half of 2010. Profit before tax stands at £182m for the six months to June 30, 2010, compared to £166m for the same period in 2009. The group also reported a 71 per cent increase in net inflows […]

'Feeling the Squeeze'

Royal London carried out a UK wide survey with 2,500 consumers age 35-44 over the summer. The survey found that over a third, 34 per cent, said their finances felt Squeezed and so were struggling to meet day-to-day expenses, despite 87 per cent being aware that they need to save more. However, the survey did […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm