Greater clarity needed on protection sales - FSA

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The FSA today says there must be greater clarity for consumers on both the price and ‘characteristics' of protection products sold by advisers and providers.

The regulator says there must be “oral disclosure” of information on all the main details of a policy, whether over the phone or face to face. In addition, the FSA proposes all firms provide information on price, again orally, where a discussion takes place “in a way calculated to enable a customer to relate it to their regular budget”. The two proposals are part of a raft of smaller adjustments the FSA suggests in its paper published today entitled ‘Insurance selling and administration: Proposed amendments to the Insurance: Conduct of Business sourcebook’. Proposals for changes to prote...

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