The FSA's general insurance regulation review, due at the end of June, must provide a consistent principles-based framework, says the ABI.
The ABI is calling for the deregulation of term life insurance in the same way as motor and household insurance as it insists it is easy to find a wide range of competitively priced products. The trade body also wants to see industry initiatives to improve customer understanding of payment protection insurance and principles-based rules that focus on outcomes for the consumer. Nick Starling, the ABI’s director of general insurance and health, says: “The FSA’s review must enable customers to take informed decisions without being overburdened with unnecessary information. Its rules must f...
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