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Tranter fears NU’s critical-illness amnesty may backfire

Sesame product manager Dale Tranter says Norwich Union could be shooting itself in the foot by encouraging critical-illness policyholders to admit any non-disclosure on their applications.

He says the action is well meant but it would only take an increase in one policyholder’s premium to taint the reputation of NU and the whole industry.

Tranter says: “NU could be shooting itself in the foot. It only takes one person to have their premiums put up and it will be splashed all over the papers.”

But NU says it is simply being honest and encouraging policyholders to be the same. Spokesman David Ross says: “If a policyholder comes back and tells us the truth, we will do whatever we would have done at the start of the policy.

“Their premiums could go up or their policy could be cancelled but in our view it is better finding that out now than down the line when their claim is not settled.

“This is not just some PR exercise, it is about honesty and transparency.”


Providers to profit in pre-RDR sell-off

Ernst & Young is warning there could be a fire sale of highcommission products as providers seek to cash in before the RDR is implemented.In an assessment of the impact of the RDR, head of insurance services Shaun Crawford predicts greedy providers will try to boost last-minute sales using up-front commission.Crawford says providers will fall […]

Commercial mortgage online packager launches

Financial packager is launching a dedicated commercial mortgage subsidiary, site will aim specifically at providing brokers, IFAs and intermediaries with the best commercial mortgage package for their clients’ circumstances, accessed through a vast commercial mortgage lending panel. Brokers should be able to source the largest range of commercial mortgages in the market from […]

Kensington shareholders vote in favour of Investec deal

Kensington Group shareholders have voted in favour of the offer made by South-African firm Investec at its EGM today.The meeting saw 178 (97.27 per cent) of scheme shareholders vote in favour of the deal, with just 5 (2.73 per cent) against.This comes despite rumblings last month that several major shareholders, including former chairman Martin Feingold […]

Sants assumes control

Hector Sants was last week unveiled as the new FSA chief executive taking over at a time when a dramatic overhaul of the retail financial services landscape is top priority.


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