Provider James Hay has warned of problems with increasingly generic nominations passed on by advisers, saying they were likely to cause complications a few years down the line.
Head of technical support Neil MacGillivray said there has been a surge in expression of wish forms trying to be ‘all-encompassing' rather than focusing on a clear path for the death benefits. For instance, the firm recently came across a case where the adviser had nominated the "wife, children, grandchildren etc...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
