The ABI has welcomed the FSA's preopsals to revise the...
The ABI has welcomed the FSA's proposals to revise the rules for selling general insurance.
Responding to the publication of the FSA's interim report on the review of the Insurance Conduct of Business Rules (ICOB), Stephen Haddrill, ABI Director General, said:
"Customers will benefit from the FSA's simplified, principles–based and proportionate approach to regulating general insurance. This must apply across all sectors of general insurance.
"ABI research has shown that providing customers with unwanted information can be counter-productive. Many customers shop around less if their time is wasted. The FSA is right to focus on getting the right outcome for customers."
He added: "The FSA should do what it can under EU law quickly, and press the Commission to review the Insurance Mediation Directive urgently to enable a fully principles-based regime to be established."
