Graham Harvey, managing director of Axa protection, questions the value of new EU rules ensuring consumers are told the total premium they will pay over the life of their policy.
Some time ago, the FSA announced that as part of an EU Distance Marketing Directive coming into force, providers would have to start disclosing the total premium paid by customers throughout the term of their policy. I welcome any initiative that increases consumer confidence in the protection industry, and my teams are working hard to ensure this deadline is met. But this regulation raises the question: Will showing the total premium payout actually help the customer value their policy more? The age-old issue of making financial products tangible and relevant for customers plagues a...
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