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Norwich Union pulls long term care bond

Norwich Union has announced it is pulling its Flexible Protection
Bond product and leaving the pre-funded long term care bond
market. However, it will still offer a pre-funded insurance product.
Effective from November 24, NU says there will be no impact on
existing customers from the change. Applications for the product
received prior to close of business on January 30 will be accepted if
accompanied by a new business illustration. Pipeline applications
must be underwritten and current on or before April 1.
Retirement market manager Dean Critchfield says: “The long term
care bond market is small and has reduced over the past couple of
years due to stock market performance. Consumer demand has
declined and therefore it is not commercially viable to incur the costs
of developing this product line.”


Friends confirms closure of direct sales operation

Friends Provident has confirmed it is closing its direct sales operation following a review of its distribution strategy. Friends says about 500 staff will be affected, including the sales force, of whom 150 may become self-employed appointed reps. The move means Friends will focus on distributing its products through IFAs, the enlarged AP channel and […]

Puzzling approach to reprojections

Although the FSA has wriggled away from all calls for a formal review of low-cost endowment sales practices, it seems to be doing everything else in its power to ensure that the public are encouraged to complain about them. For example, we are now seeing: •Reprojections of possible maturity values based on assumed future growth […]

Multiple pile-up

Recent media claims that borrowers are being encouraged to inflate their salaries to qualify for mortgages they can ill afford have further damaged public perception of financial advisers. But assertions that fraudulent self-certification mortgages are to blame for the property boom do not hold much sway with IFAs. An undercover investigation by BBC&#39s The Money […]

Inter-Alliance reprices share option schemes

Following England&#39s nerve-shattering win over Australia in the Rugby World Cup Final last Saturday, Aegon UK and Money Marketing have joined together to offer IFAs the chance to see the city where it all happened. Two return flights to Sydney are up for grabs, so the lucky recipient can experience the joy of being an […]


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