Bad apples still give insurance giants a pain

Article Abstract:

Life insurance companies Scottish Widows and Norwich Union have problems with the regulators of their industry because they do not properly control the firms of salespeople who sell their policies. The regulating body Fimbra suspends independent financial advisors every week; it cancelled 762 firms in four years. Norwich Union train salemen but has to rely on salespersons' integrity. Scottish Widows failed to recieve poperly completed fact-finds -records of the client's financial circumstances go justify policy.

Laws, regulations and rules, Investment advisers, Independent regulatory commissions, Scottish Widow's Fund and Life Assurance Society, Norwich Union Life Insurance Society

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A training policy to assure high standards

Article Abstract:

Financial regulators have set higher standards for training life insurance recruits to provide a better service to customers. Training schemes must be approved by the Life Assurance and Unit Trust Regulatory Organisation (Lautro,) which aims to enable salesmen to analyse customers' needs. The Financial Intermediaries, Managers and Brokers' Regulatory Association (Fimbra) is also organising training as it advocates professionalism.

Financial services industry, Financial services, Training, Financial institutions

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NatWest starts new life

Article Abstract:

National Westminster Bank launched its own life insurance in 1993. Its 1,900 salespeople will sell abbout 200,000 policies in the year, mostly lump sum investment bonds, producing about 800 million pounds sterling. It intends to provide quality administration with policies issued within three days. The other major clearing banks already offer assurance, competing with the life insurance companies they previously supplied.

United Kingdom, Product introduction, Insurance industry, Life insurance industry, National Westminster Bank PLC (London, England), Insurance

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