View more on these topics

ScotEq Protect extends clawback to four years

Scottish Equitable Protect has angered IFAs by extending its clawback period from two years to four years.

The firm says the changes come into effect from January 10 and affect all policies issued from that date onwards. It says IFAs will get letters about the change this week and believes the notice period of a month is adequate. The move is aimed at bringing the company in line with the rest of the market.

Some intermediaries say the notice period includes Christmas and New Year and leaves ScotEq Protect able to control when it accepts business.

Direct Life & Pensions sales and marketing director Richard Verdin says: “The decent thing from any insurer is to give the terms they ultimately offer, driven by the date on the application form. That way, the consumer and intermediary always know what they are dealing with.”

Alan Steel Asset Management consultant Alan Adam says: “I can understand them doing it but I would not say I agree with it. It is quite busy at this time and it is probably going to sneak in the back door.”

ScotEq Protect spokeswoman Lesley McPherson says: “We estimate around two-thirds of all individual protection business is written on a 48-month earnings period so we are bringing ourselves in line with the rest of the market.”

Recommended

Investor confidence still rising, says JPMF

Investors are becoming increasingly confident about prospects for the stockmarket, according to JPMorgan Fleming. Its investor confidence index rose to 92 in November from 78 in October, the highest it has been since March 2002. JPMF says twice as many investors are now positive about the stockmarket than are pessimistic. Head of market research Peter […]

&#39Reviewable rates may lead to unfair contract claims&#39

The Financial Ombudsman Service is telling insurers to tread carefully on reviewable rate products such as critical illness to ensure they do not breach the unfair contract rules. Principal ombudsman Tony Boorman says he has raised the issue to generate debate but the FOS has no official policy in the area and has not received […]

Portman Building Society – Two Year Fixed Rate

Type: Two-year fixed-rate mortgage Fixed term: Fixed until December 1, 2005 Fixed rate: 4.25% Minimum loan:£15,500 Maximum loan: Up to 95% of valuation subject to a maximum of £250, up to 90% of valuation subject to a maximum of £400,000, up to 85% of valuation subject to a maximum of £500,000, up to 75% of […]

Canada Life revamp focuses on IFAs

Canada Life is restructuring its sales process to focus on helping IFAs. The move comes as the company raises its individual income protection rates by an average of 40 per cent to stem demand while it carries out a review of the product. The restructure sees Canada Life cut its account managers from 65 to […]

How do you choose the best online service?

By Ross Jackson, senior marketing manager There are many different protection online services available in the market and no doubt you’ll have used a few when submitting protection business. But why should you have to put up with slow, unresponsive sites for your business when you’re used to dealing with slick, modern user experiences in your […]

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