Insurance regime must be principles-based - 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...