Insurance Age

Seek medical advice at once

When private medical insurance comes under the aegis of the Financial Services Authority's 'best advice' standard in 2005, Roger Hymas is not sure advisers will be able to recommend it with a clear conscience

Forgive me, but I have never really got my head fully around the concept of 'best advice'. I can see how an independent financial adviser (IFA) would choose between, say, two identically designed investment products based on prior performance - but what criteria do you use to create a portfolio of financial products, some of which are going to remain in place for many years?

Although I once ran the UK's largest private medical insurance (PMI) business, I have never given anybody face-to-face

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