Law Commission proposals on non-disclosure would tighten rules over when an adviser is representing a customer and when they are acting for the insurer.
The changes, included in the report 'Consumer Insurance Law: Pre-Contract Disclosure and Misrepresentation' released today, form part of a draft bill on reforming consumer protection regarding insurance. Under the proposed statutory code aims to clarify when an intermediary is working for a consumer, and at what point they are working for an insurer. Under 8.44 of the draft bill, the code's ‘general test' lays out the factors used to determine who an intermediary is working for in cases of ambiguity. An adviser giving impartial advice who conducts a fair analysis of the market and ...
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