'Age 70' red tape to be cut

In a consultation paper issued last July, the Financial Services Authority says it was reviewing whether the ‘age 70’ rule should be changed as a technical difference between the insurance conduct of business regime (ICOB) and conduct of business regime (COB) means pure protection contracts, such as family income benefit, can only be sold under COB regulations if the client will be over 70 at death or at the maturity of the policy’s term. The earlier suggestion from the FSA was to either raise the Age 70 rule to Age 80 or scrap it altogether to balance to regulatory requirements so pure p...