Individual Protection
FCA fees for health and protection advisers rising 3%
Advisers operating in the health and protection insurance markets face an increase of 3.2% in their annual fees paid to the Financial Conduct Authority (FCA). This rise is in addition to the...
Read moreNumber of people with long Covid for more than a year up 100k since January
The number of people in the UK suffering symptoms associated with long Covid for more than a year has increased by 99,000 taking the total past three-quarters of a million, according to...
Read moreFCA expects ballooning FSCS levy to stabilise by early targeting of failing firms
The Financial Conduct Authority (FCA) expects the Financial Services Compensation Scheme (FSCS) levy to stabilise due to actions it is taking in its three-year strategy plan. However compensation levels are still expected...
Read moreIP claims numbers down but length and value increase – AFM
New income protection (IP) claims declined in 2021 but there were more long-term payments and the cost of claims increased, according to data from the Association of Financial Mutuals (AFM). AFM data...
Read moreAdviser given nine-year bankruptcy over £300k debt after improper insurance sales
A financial adviser who had debts of more than £300,000 after conducting the improper sale of insurance policies has been handed a nine-year bankruptcy order. Marc Jones, 42, from Whitchurch in Cardiff,...
Read moreShepherds Friendly pays 95% of IP claims
Shepherds Friendly paid out 95% of income protection (IP) claims received in 2021 and has paid an average of 95% of claims over the past five years. The greatest number of claims...
Read moreCirencester Friendly promotes Morris to CEO with pledge to ‘diversify’ offering
Cirencester Friendly is promoting finance director Andy Morris to CEO, succeeding Paul Hudson who announced his impending retirement last year after 26 years. Morris (pictured) has held senior positions within Nationwide, RBS...
Read moreLV= pays record £119m in protection claims with 96% approved
LV= paid a record £119m in protection claims in 2021 to more than 9,000 claimants and their families, with 96% of all individual protection claims made being approved. This compares to £117.8m...
Read moreWe should embrace modernisation of protection sales, not mourn the passing of old ways – Jeynes
Phil Jeynes is responding to the report and independent research published by advice firm LifeSearch last month about the quality of non-advised protection sales. According to Swiss Re’s 2021 Term and...
Read moreRoyal London lifts GP report cover limits for IP
Royal London has made a number of changes to its non-medical limits for income protection (IP) which are aimed at speeding up the process for offering cover to customers and its straight...
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