IFAs face 'deluge' of changes from CI stall

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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 introdu...

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