We simplify medical underwriting

We focus on health so you can deliver financial advice

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Services for Advisers

We are experts in medical assessments and administration services for Financial Advisers to reduce costs, increase speed and improve integrity of Financial Services. Processing thousands of cases each month, we primarily operate in the Protection, Annuities and Pension markets.

MUMS - Medically Underwritten Mortality Studies

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We work with pension consultants to value DB pension liabilities.

 

MUBA - Medically Underwritten Bulk Annuities

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We work with EBCs and Pension consultants to facilitate tenders for bulk annuity buy out and buy in transactions for defined benefit pension schemes, and to provide longevity estimates to refine the mortality estimate for the scheme. Our service is agreed with the four participating insurance companies: Aviva, Just Retirement, Legal & General and Partnership, all of which will reimburse our fee if a transaction is completed.
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The service has already resulted in transactions being completed with savings averaging at 10%.

We use purpose built secure bespoke IT systems to record all data and share with the insurance providers, thus ensuring data is secure and confidential.

FCA's view on Advisers undertaking medical assessments

Under FCA rules, companies should ensure people are trained and competent to undertake tasks, and must monitor these and determine how they affect consumer detriment. With regard to regulations around the medical assessment, MorganAsh have received confirmation from the FSA that this is a regulated activity, and the requirements for training and competency equally apply to the medical assessment as they do to assessing the consumer’s financial health.

The FSA stated:-

“FSA rules and principles generally focus on outcomes which must be achieved for customers rather than explicitly prescribing how firms should undertake certain activities (such as acquiring data from customers to support the underwriting processes for general insurance and pension contracts).

Our rules, for example, state that ‘a firm must employ personnel with the skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them. We would consider that this includes staff assisting customers in submitting personal information used by insurers for underwriting purposes.”

Sheila Nicoll, Director of Policy, FSA

 

The full letter can be read here.

 

In the pension annuity market, typically, financial advisers undertaking medical assessments lead to around 50% of consumers not receiving the annuity they are entitled to. This is clearly consumer detriment, and in MorganAsh’s opinion, open for legal challenge and redress.

Under the CIDAR (Consumer Insurance (Disclosure and Representation) Act), which came into force on the 8th March 2013, the Adviser or the Provider is responsible for the collection of information, and no longer the consumer as was previously the case.

It is MorganAsh's view that Advisers should not be completing medical assessments on behalf of consumers, and should either let the consumer complete the information themselves or pass the task to someone who is appropriately trained (i.e. MorganAsh).

We are experts in medical assessments and administration services for Financial Advisers to reduce costs, increase speed and improve integrity of Financial Services. Processing thousands of cases each month, we primarily operate in the Protection, Annuities and Pension markets.


We work with pension consultants to value DB pension liabilities.

 


We work with EBCs and Pension consultants to facilitate tenders for bulk annuity buy out and buy in transactions for defined benefit pension schemes, and to provide longevity estimates to refine the mortality estimate for the scheme. Our service is agreed with the four participating insurance companies: Aviva, Just Retirement, Legal & General and Partnership, all of which will reimburse our fee if a transaction is completed.
Providers_Plus
The service has already resulted in transactions being completed with savings averaging at 10%.

We use purpose built secure bespoke IT systems to record all data and share with the insurance providers, thus ensuring data is secure and confidential.

Under FCA rules, companies should ensure people are trained and competent to undertake tasks, and must monitor these and determine how they affect consumer detriment. With regard to regulations around the medical assessment, MorganAsh have received confirmation from the FSA that this is a regulated activity, and the requirements for training and competency equally apply to the medical assessment as they do to assessing the consumer’s financial health.

The FSA stated:-

“FSA rules and principles generally focus on outcomes which must be achieved for customers rather than explicitly prescribing how firms should undertake certain activities (such as acquiring data from customers to support the underwriting processes for general insurance and pension contracts).

Our rules, for example, state that ‘a firm must employ personnel with the skills, knowledge and expertise necessary for the discharge of the responsibilities allocated to them. We would consider that this includes staff assisting customers in submitting personal information used by insurers for underwriting purposes.”

Sheila Nicoll, Director of Policy, FSA

 

The full letter can be read here.

 

In the pension annuity market, typically, financial advisers undertaking medical assessments lead to around 50% of consumers not receiving the annuity they are entitled to. This is clearly consumer detriment, and in MorganAsh’s opinion, open for legal challenge and redress.

Under the CIDAR (Consumer Insurance (Disclosure and Representation) Act), which came into force on the 8th March 2013, the Adviser or the Provider is responsible for the collection of information, and no longer the consumer as was previously the case.

It is MorganAsh's view that Advisers should not be completing medical assessments on behalf of consumers, and should either let the consumer complete the information themselves or pass the task to someone who is appropriately trained (i.e. MorganAsh).


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Contact

0800 028 0236
info@morganash.com