View more on these topics

Providers peeved as PTA deadline extended to July

Protection providers have reacted angrily to the decision by the Treasury and HM Revenue & Customs to extend the deadline for pipeline pension term assurance business to July 31 following ABI pressure.

As revealed by Money Marketing last week, the Association of British Insurers has sent a circular to members, saying it was aware of “significant volumes” of PTA cases which had still not been processed due to insurers awaiting final details such as medical evidence.

It advised providers to delay telling clients their applications had not met the April 6 cut-off date because it was in talks with Government about extending this.

The Treasury and HMRC issued a statement last week confirming insurers now have until midnight on July 31 to process pipeline PTA business.

But providers say the decision should have been taken before the original April 6 deadline expired.

Aegon Scottish Equitable spokesman Mark Locke says: “If they were going to extend the deadline, they should have given ample warning to providers instead of telling us six days after the original deadline expired.”

However, Royal Liver IFA market manager Andy Milburn says: “What a joke that there are still large numbers of PTA applications in providers’ new business pipelines nearly four months after the product was pulled. Providers should have been far more proactive about this.”

Recommended

Not on cue

The Money Marketing pool team were unceremoniously dumped out of the New Star pool tournament after a bit of sharp play from eventual winners Chelsea Financial Services.

Fidelity upbeat on Europe prospects

Fidelity’s Tim McCarron has reassured investors that despite four years of strong returns there is still scope for European growth.

Upping the anti

Implementation of anti-age discrimination laws has done more harm than good.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    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

    Email: customerservices@moneymarketing.com