IFAs have criticised protection providers for stalling on their adoption of the Association of British Insurers' new critical illness definitions, warning there will be a "deluge" of changes over the next six weeks.
Providers are required to adopt the new CI definitions by April, but so far only three providers in the individual protection market – Norwich Union, Royal Liver and UnumProvident – and one in the group protection market – Canada Life – have done so. Alan Lakey, partner at Highclere Financial Services, warns that IFAs will have to cope with a “deluge” of changes over the next six weeks as providers rush to introduce the new definitions before the deadline. In addition, Lakey says there will be a period of time when advisers are clueless as to the exact changes each provider has introduce...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
