With an FSA review of the proposed ICOB regulation changes pending, Peter Barnett analyses the potential outcomes and implications on product viability and adviser confidence.
The Financial Services Authority (FSA) has launched a consultation process on proposed changes to the Insurance Conduct of Business (ICOB) rules. The FSA is proposing a lighter-touch regulatory regime that should be applied to some 'other' general insurance protection products such as private medical insurance (PMI) but not to personal protection products like income protection (IP) and simple term cover. Many commentators do not believe a significant difference exists between the risk profile of these products, but, should the proposed changes come to pass, the impact on those products i...
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