McCarthy hits out at life insurer sales practice - papers 25th March

Speaking to the Insurance Institute of London yesterday, McCarthy said while consumers have to learn to make responsible decisions, it is up to firms to sell products which meet the needs of their customers. But he said incidences of mis-selling have been "too frequent and too important" to be isolated events, arguing added this was "not only [due to] acts of irresponsibility by individual salesmen and women but incentive systems and even cultures introduced and tolerated by management of firms which have encouraged irresponsible behaviour". EQUITABLE LIFE board members have been accu...