FSA gives advisers 2010 deadline to execute total premium disclosure

Under the controversial FSA directive, advisers and providers will be forced to tell clients the total premium of a protection policy over its lifetime, but until today firms have had little idea how and when they would need to enact the changes. Research by Cragg Ross Dawson for the Association of British Insurers (ABI) and published today suggests for fixed term contracts, consumers want to see a single number for the total premium over the term, shown with the benefit amount to put it in context, and reflecting where appropriate the scope for multiple claims. An example wording for...