FSA: advisers responsible for medical underwriting

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With the Consumer Insurance Act coming into force in March 2013, advisers should ensure their medical assessment approach is compliant and defensible, Morgan Ash has warned.

The underwriting services outsourcer has received confirmation from the FSA that medical assessment is covered under regulation. It said most IFAs don't consider they are regulated on the medical information and this is incorrect. While there are defined requirements for collecting, advising and recording the financial information gathered during the advice process, there is no prescriptive requirement for advisers on how they should collect medical information, or undertake a medical assessment. This may have led to a belief that the medical assessment is not covered by regulation...

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