New regime must benefit customers without adding costs, says ABI director
The Association of British Insurers has backed the decision by the Treasury to hand over regulation of travel insurance sold through travel agents to the FSA.
Nick Starling, the ABI’s director of general insurance and health, said: “It is right that customers should have the same level of consumer protection, regardless of how they buy their travel insurance. But the new regime must benefit consumers, and avoid adding costs in a competitive market. The FSA will need to ensure that the regulation of all travel insurance is proportionate to reflect the low level of potential customer problems associated with this product, and to ensure that consumers are not deterred from buying travel insurance.”
“It is right that customers should have the same level of consumer protection, regardless of how they buy their travel insurance
Nick Starling, ABI director of general insurance and health