Industry figures have said that the Association of British Insurers (ABI) Statement of Best Practice for Critical lllness Cover consultation has not yet involved intermediaries in a meaningful way as media reports have indicated that proposals currently involve a reassessment of stage one critical illness claim payments.
COVER understands that the ABI's initial proposals are for stage one cancers to be excluded from full payment and would instead receive a partial payment of 25%. This would only apply to new policies. Other areas to be reviewed in the consultation include model wordings for critical illness definitions. Industry figures have expressed concerns that so far there has been a lack of meaningful discussion with the wider protection industry outside of insurer and reinsurer representation within...
Some 85% of employees are more likely to work for employers offering clearly labelled benefits, research from Canada Life has found.
Wellbeing expert David Price discusses a range of practical ways employers can set about looking after the mental health of their staff during the seasonal period
The Financial Ombudsman Service (FOS) will maintain its current funding model for the next financial year despite recognising it is unsustainable in its current form.
The FCA has confirmed that, while businesses will have to identify certified staff from day one under the Senior Managers & Certification Regime (SM&CR), they will have a year to complete fitness and propriety assessments.