FSA confirms 'age 70' rule will go in June

In the 24-page document the FSA says it will remove the age and term conditions from the current definition of a pure protection contract so all long term insurance contracts which do not have a surrender value can be sold under the ICOB regime. In addition the changes, which come into force on 6 June 2007, will give firms “the facility to continue to sell these products under the Conduct of Business (COB) regime if they choose to do so”. The FSA says in its quarterly consultation paper CP06/13, published in July last year, it put forward two options for amending the ‘glossary definitio...