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...
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
