FSA targets PPI failures with updated insurance rules

clock

The FSA has targeted payment protection insurance (PPI) failures in its new Insurance Conduct of Business sourcebook (ICOBS).

The FSA has used the updated rulebook to enforce stronger rules to improve selling standards in PPI markets, including increasing the existing cancellation period from 14 days to 30 days. There will also be a rule requiring firms to establish customers would become eligible to claim benefits and a greater focus on oral disclosure to clients of the main characteristics of a product. The FSA says: "We have amended the rule to highlight that the information should be enough to enable the customer to take an informed decision, but the firm must not overload the customer or obscure other p...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Protection

Chesnara to close HSBC Life UK to new protection business

Chesnara to close HSBC Life UK to new protection business

Follows £260m acquisition

Jaskeet Briah
clock 04 February 2026 • 3 min read
Targeted support: FCA opens door to protection inclusion

Targeted support: FCA opens door to protection inclusion

Could help address protection gap

Cameron Roberts
clock 29 January 2026 • 2 min read
FCA Pure Protection Market Study: No interventionist remedies proposed

FCA Pure Protection Market Study: No interventionist remedies proposed

The regulator pledged to release its final report in Q3 2026

Cameron Roberts
clock 29 January 2026 • 4 min read