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System problems thwart changes to 70-plus cover

Icob advisers are still unable to sell life policies maturing after age 70 because most providers have not changed their systems since the rule change, says Direct Life and Pensions sales and marketing director Richard Verdin.

He says Icob advisers are frustrated because many providers are unable to offer quotes and process business.

Verdin says: “I do not care what the terms of the policies are. I do not care if it is 75, 85 or 105. Why should Icob advisers be disadvantaged because some providers did not get around to making a small but important change?”

The FSA board voted to scrap the age 70 rule in April, giving providers enough time to update their systems, says Verdin.

Aegon Scottish Equitable, Legal & General and Bright Grey have all implemented the changes while Friends Provident, LV= and Scottish Provident have not. All three are still considering which age limit they will insure.


Barr appointed to development role at The Mortgage Works

The Mortgage Works has announced the appointment of Keith Barr to the role of business development manager. Barr will be responsible for the promotion and sale of mortgage products to intermediaries with a focus on buy to let, self certification and sub prime as well as the prime market for Portman Building Society.He previously worked […]

Prperty debut from OPM

OPM Fund Management – formerly Smith & Pinching Portfolio Management – has brought out the CF OPM Property fund of funds, its first property product.

Franchisee claims unpaid commission in court clash

A former Ashley Law adviser who claims he is still owed money in unpaid commission by the company finally took his battle to court last week.Chris Wilson alleges the company was in breach of contract and is seeking to recoup preand post-termination commission he believes he is entitled to.Mr Wilson bought the franchise for Ashley […]


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