FSA finds fault with GI-regulated cold calls

A thematic review sample study of 43 firms found standards of regulatory compliance were generally acceptable when customers called the companies, albeit disclosures and exclusions need to be improved. However, after listening in on 260 calls at 10 firms and on the completion of survey by all 43 firms, the FSA found the standard of sales was “poor when insurance policies, such as personal accident insurance, health cash plans and accident and sickness insurance”. As a result, firms across the general insurance and protection market are being told by the FSA to ensure their sales processes...