Protection experts have so far responded positively to the Association of British Insurers (ABI)'s public consultation, the Guide to Minimum Standards for Critical Illness insurance.
The trade body has published further details of the scope of the consultation around critical illness (CI) definitions, wordings and exclusions. Since 1999, the ABI published this framework under the name 'Statement of Best Practice for Critical Illness' and this year has renamed the guide to reflect minimum standards for insurers to adhere to. The ABI has also u-turned on earlier leaked proposals to make all stage one cancers eligible for partial payments only. Jennifer Gilchrist, proposition...
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.
Scott Cadger runs through the four most common reasons people give for not taking out critical illness cover - and some suggestions on how advisers can offer reassurance on each in conversations with clients
The Financial Ombudsman Service (FOS) has sought to provide clarity regarding any potential confusion over the products advisers should recommend to clients to cover a decreasing loan or mortgage.