Now will the real David Haslam please stand up?
I was astonished to receive a mass-produced 'Dear John' letter dated 'January 2005' from BMAS/Medical Sickness. It stated 'We are delighted to tell you about changes in the service we provide' and 'We will be offering a full range of financial products....and deliver a more tailored range'.
What it doesn't tell you is that BMAS effectively does not exist anymore but has been swallowed up hook, line and sinker by Medical Sickness. Medical Sickness bought up BMAS two years ago, but allowed BMAS to keep its independent status until now. It is now a 'multi-tie' and is only able to advise on its own Medical Sickness products for pensions, locum cover, income protection and ISAs. It no longer offers independent financial advice.
How can this be beneficial to any doctor, unless you enjoy less choice? Most of us have been imposed a new financial consultant, without any informed consent, and they blame doctors for a lack of continuity of care.
Does the BMA really endorse this behaviour?
As a fully paid up BMA member, this is yet another nail in the BMA coffin. Surely our membership fee entitles us to some form of subsidised benefit of an IFA, rather than it being sold off totally for profit?
Would anyone out there care to be my IFA? Obviously neither the BMA nor BMAS don't. I would advise all doctors to seek independent financial advice from a specialist medical firm, which the BMAS/Medical Sickness is clearly not.
Dr Mark Saunders