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Paving the way for innovation

Royal Liver has revealed it will be following in the footsteps of Fortis by launching its own real life cover plan.

The product, set to resemble the core elements of RLC but with the provider¹s own ideas, will be developed with Lifesearch, the firm who created Fortis¹ RLC and Your Life plan.

Royal Liver IFA marketing manager Aidan Dewhurst says it is time for innovation and while a launch date has not yet been set, this product will fully support that.

He says: ³It¹s in very early stages and we wouldn¹t go into anything like this very lightly but we¹re going ahead with it because we believe in innovation as a company.² So you heard it here, watch this space.

This week has also seen good news for advisers. Insurance provider Bright Grey is offering a 5 per cent reduction on its business protection product until October 31.

IFAs recommending the business protection menu, which combines up to 10 covers within one plan, could also win a laptop for every application submitted.

Bright Grey national partnership manager for business protection Jerry Bayman says the firm is committed to supporting advisers to write more business in this market.

Likewise, Canada Life has expanded its online portal with the aim of making business quicker and cheaper for advisers. The life group has added eRenewal and eAdmin to Class, its internet-based business.

The new additions mean intermediaries can now renew all existing eSchemes within 15 minutes, and request amendments via eAdmin.

The week has also seen not so great news for Munich Re. The reinsurer says it expects a £442m drop in its quarterly earnings for quarter two 2008.
In a statement released by the Group, Munich says profit for Q2 2008 will total around £475m, down from Q2 2007 which recorded £1.2bn.

However, Munich Re chief financial officer Jörg Schneider says the reinsurer will achieve a substantial profit in the second half of 2008.

In other news, Direct Life and Pensions Services sales and marketing director has announced he will be leaving the firm to join an unnamed provider.

The Chichester-based sales and marketing director, who has worked for the distributor for six years, says while the decision was a tough one to make he is ready for the challenge that awaits him.

He says: ³The decision to move on has not been an easy one, but I do so with the full support of my colleagues and the owners of DLP.²

DLP, bought by Cardiff Pinnacle in March this year, will say farewell to the former Legal & General IFA at the end of September.


Silence on Equitable report

The FSA refused to answer questions about the Parliamentary Ombudsman’s damning Equitable Life report at the meeting, citing legal constraints as the reason for the silence.

Document replaces menu and IDD

The FSA will introduce a single services and costs disclosure document to replace the menu and initial disclosure document from August. It stresses the documents are only guidance and advisers can use the old documents until August 2009.


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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