Scottish Equitable Protect paid out 631 critical-illness claims totalling more than £33m last year.The company decided to release its critical cover claims’ figures two years ago after calls from IFAs for statistics to be published. The average claim for ScotEq Protect was £61,390 and the average age of claimants was 40. The statistics show that cancer was responsible for 71 per cent of all female claims. For male claims, 47 per cent were due to cancer while heart attacks and strokes accounted for 21 per cent and 10 per cent respectively. Scottish Equitable head of marketing Rod McKie says: “Claims’ data can highlight the benefits of protection and how it can help to preserve people’s lifestyles. It also can reveal the claims that are not paid and can explain the valid reasons why.” Lifesearch senior technical adviser Kevin Carr says: “We are actively encouraging more product providers to do this. Fig-ures help IFAs and the public understand what products do and don’t do. As a result, they can, without a question, limit non-disclosure.”
Hargreaves Lansdown fund of funds have broken 250m in sales since the firm launched its first multi manager product in 2001. It uses a mixture of qualitative and quantitative analysis to run the money under Lee Gardhouse, who has developed his own system to identify how returns are achieved. The three Hargreaves Lansdown multi manager […]
Premier Mortgage Services managing director John Malone thinks he has an idea that could not only save the first-time buyer property market but could also kickstart the market as a whole as it reaches a dull, flat period.
Bankhall is entering the general insurance market with the launch next month of Bankhall UK GI following the acquisition of GI broker support firm Total Broker Solutions.
Why is there so much financial services advertising, direct mail and literature, digital and other communications that is missing the mark? A lot of this is produced by financial services specialist agencies but much of it looks the same. How effective is it? What messages are IFAs getting from product providers? How does the IFA […]
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The Financial Services Compensation Scheme will automatically compensate hundreds of clients of a collapsed discretionary fund manager, but other investors will have to wait another five months to get their money back. London-based Beaufort Securities has been investigated by both the FCA and US authorities. An indictment from the US Department of Justice alleges that […]
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The FCA has reiterated its warnings that advisers outsourcing defined benefit transfer advice to firms with relevant qualifications cannot divorce themselves from responsibility for the eventual recommendation. While existing FCA rules require additional qualifications to advise on DB transfers, and the FCA has written to all firms who have DB transfer permissions as part of […]