Just 9% of adviser firms have received training from providers on the new critical illness definitions, according to a survey from Progress from Royal Liver.
Of the 583 advisers who responded to a survey on The Exchange’s homepage, just 9% said they had been trained by a provider on the changes to the CI definitions.
Over half (52%) said they were aware the CI definitions are changing, compared with 19% in the last survey in July, and only 14% knew how many conditions will be easier or harder to claim against.
Andy Milburn, IFA market manager at Progress from Royal Liver, says it is good news more advisers know about the changes since the last survey, but the 52% figure is still far too low.
He adds: “The really worrying statistic is the answer to the third question. Less than 1 in 10 advisers have been given training by providers. That's just not good enough and proves the industry hasn't done enough to communicate these changes effectively."
Peter Chadborn, principal at CBK, says: “It is extremely worrying yet rather predictable that we are so close to the implementation of the new definitions and barely more than half of advisers surveyed know about these changes.”
Progress from Royal Liver has created a CI definitions guide, which aims to help advisers describe what is and is not covered in a plain English way to customers.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7034 2680 or email [email protected].IFAonline
DB and a lack of alignment
Encouraging better use of tech
Win one of three £20 Amazon vouchers
Vanguard's multi-asset range