Skandia is to change the way it reports its critical-illness claims statistics to bring it in line with the rest of the industry.It was attacked earlier this year for claiming to have a zero per cent unpaid claims for non-disclosure record. Now it admits that the way it collated claim data was flawed and it paid out on 85 per cent of claims last year. Protection marketing manager Alison Turner-Holmes says: “We were being a bit over- zealous. When someone rang up to say that they might have a claim, we were recording it. This was an additional column we called ‘Not proceeded with’ but a claim was never actually filed. We have removed this and now around 85 per cent of claims are being paid. We were not doing this to be the best in the market, we just want to be clear about what we are paying.” Skandia is also looking at making remuneration more flexible for advisers selling protection and is looking at offering trail instead of up-front commission or a combination of the two.
Kleinwort Benson has brought out two capital-protected bonds linked to the performance of the FTSE 100 index for three years.
Australian wrap provider Praemium says IFA-owned wraps such as Ascentric and Nucleus could produce a conflict of interest in the way partner firms deal with clients. But both platforms have hit back, saying the comments show an ignorance of the UK market. Praemium managing director Arthur Naoumidis says: “We would be concerned if we were […]
Nicola York finds out how and why the name Edeus was picked for a controversial new mortgage company that aims to make a big impact on the market
GE Money Home Lending brand First National is moving into prime mortgages with a pilot with three intermediaries – Pink Home Loans, Abacus Permanent and Optoma Broker Solutions.
By Rob Burnett, Manager of the Neptune European Opportunities Fund In recent weeks, the bear case for European equities has become more pronounced on the back of weaker-than-expected GDP data and deflation concerns. This softening in economic momentum has led some investors to question whether the ECB is behind the curve and indeed whether it […]
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Concerns have been raised about the independence of two directors at Neil Woodford’s £855m Patient Capital Trust after a report in The Times reveals they have jobs at companies in which the fund owns a stake. According to The Times, Patient Capital Trust chairwoman Susan Searle is also deputy chairwoman of Mercia Technologies, a quoted […]
Lloyds Banking Group’s pre-tax profits have jumped 23 per cent to hit £1.6bn for the quarter, latest results show. For the three months to the end of March, the bank has reported net income of £4,3bn, up 4 per cent year on year, as Lloyds sounded a bullish note on the prospects for the UK […]
Metro Bank’s chairman Vernon Hill has been re-elected despite opposition from activist shareholders such as Royal London. Hill has received criticism from a number of major shareholders over payments to his wife’s company Interarch totalling £21m since Metro Bank’s inception in 2010. The board at Commerce Bank previously ousted Hill from his former role at […]