Highclere Financial Services partner Alan Lakey has hit out at Scottish Widows, claiming it is the only major critical-illness provider that has refused to supply its historical critical-illness definitions and claim data to his comparison service CIExpert.
CIExpert.co.uk compares plans and offers a list of current and existing conditions and providers’ claim statistics.
Lakey says Aegon, Aviva, Bright Grey, Friends Life, Legal & General, LV=, Scottish Provident and Zurich have all provided historical definitions and claim data.
In February, Widows said it planned to move back into the IFA annuity and protection markets after a review of its intermediary strategy.
Lakey says: “Any company coming back into the IFA market and looking for the goodwill of advisers needs to be upfront.
“It is not good enough simply to come back to the market with a good product, it has got to supply information and be transparent.”
A Scottish Widows spokes-man says: “Scottish Widows publishes its claim figures on an annual basis and these will be announced in due course. There are no regulatory obligations in place that state when and whether providers must disclose their critical-illness data.”