The FSA has released its consultation document for the regulation of the sale of general insurance.
The Consulation Paper - CP160: Insurance selling and administration can be viewed by clicking here
To comment on the FSA proposals, email
tristan@instimes.co.uk
The consultation paper includes proposals on:
Today's consultation by the industry watchdog follows the Treasury's decision to extend the FSA's powers to include insurance sales and administration.
The proposals will take effect from October 2004, and will mean firms selling general insurance must FSA authorised.
Sarah Wilson, director of the FSA's High Street Firms Division, said: "These proposals, which would in part implement the Insurance Mediation Directive, set out the standards that insurers and intermediaries should meet when selling insurance and handling claims.
"We want to ensure that consumers are treated fairly. They should be provided with relevant information on both firms and products and, if they receive advice, the product recommended should be adequate to meet their needs. If they make a claim, it should be handled promptly and efficiently.
"We aim to introduce a regime that achieves these goals in a proportionate, cost-effective manner and which has regard to issues of competition, both within the UK marketplace and internationally."
