A controversial FSA directive forcing providers and advisers to tell clients the total premium of a protection policy over its lifetime is being reviewed.
The Association of British Insurers (ABI) says it has agreed with the regulator to conduct research to find out how consumers would prefer to see the cost of insurance expressed over the expected policy term. It adds it will consult on and develop a "consistent and timely approach to implementing" the directive, effectively ruling out a blanket introduction. The move was initially introduced for mortgage payment protection insurance (MPPI) sales in July last year but was extended, in December, to cover individual life, income protection (IP) and critical illness (CI) policies. Nick Ki...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
