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Survey says secrecy surrounds life cover questions

Insurers are in danger of declining too many non-standard applications and taking a covert preferred-life route according to CWC Research senior partner Clive Waller.

He says insurers are becoming increasingly fussy about who they accept on their books in a bid to keep rates low and this is not acceptable if it is not done in a transparent manner.

Waller says insurers are using more lifestyle questions on application forms to ask about factors such as applicants’ driving records, education and postcode to identify non-standard applicants to reduce claims and keep costs down.

Research from CWC showed 85 per cent of advisers thought it was unacceptable to ask applicants about their education and postcode while only 40 per cent of advisers are happy with preferred life underwriting.

Waller says: “Perhaps only those with long-living parents and siblings who live the healthiest of lives will ultimately qualify for standard premium rates. More claims may be turned down for debatable reasons as reinsurance terms and conditions are toughened in order to offer cheap rates.”


Kensington lays down specialist prime gauntlet

Kensington has made its full launch into the specialist prime market.The lender has been piloting prime self-cert and buy-to-let over the past six months but has unleashed them onto the market from today.Kensington’s message to brokers is that it can now provide any mortgage other than mainstream prime.Its self-cert deals start at 5.45 per cent […]

Bird’s-eye review

Don’t be resigned to a future shaped by others – help in the distribution review.

FSA adviser fee burden rises 10 per cent

The FSA fee burden for advisers is to rise 10 per cent to pay for FSA staff retraining as a result of the move to principles, IT improvements and a greater investment in financial capability.In the FSA’s 2007/2008 business plan, the fee rates affecting most advisers will rise by 10.3 per cent which reflects a […]

Basinghall picks Charcol and Savills to sell loans

Savills and John Charcol will be the dual broker distribution arm for new lender Basinghall Finance, which launches next week.The lender, backed by European bank WestLB, will focus initially on buy to let followed by large-loan prime deals.Unlike new players such as Edeus, the proposition will not be based on technology as it is thought […]

Simon Fletcher

Auto-enrolment: pay attention or pay the price

By Simon Fletcher

As a chief executive officer of a business in the financial services sector, I have been dealing with the introduction of auto-enrolment for our clients for some time, but I can also speak from an employer’s point of view, having to go through the process ourselves.


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