Greater clarity needed on protection sales - FSA

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...