The ABI, BIBA and the IIB have issued joint guidance on the FSA's Treating Customers Fairly initiative to clarify the main areas of responsibility for insurers and brokers when selling general insurance.
The guidance focuses on the key areas of the product lifecycle, product design, marketing and promotion, sales and advice and after-sales care.
Nick Starling, the ABI's director of general insurance, said: “The industry is committed to Treating Customers Fairly. Insurers are already doing much to ensure good outcomes for customers. This joint approach will help insurers and brokers understand their respective responsibilities, and reflects a key consideration of the FSA's initiative.”
Eric Galbraith, BIBA chief executive, said: "It is absolutely vital that the industry works together to ensure that customers are being treated fairly.
"Intermediaries have the philosophy of 'Treating Customers Fairly' at the heart of businesses. This piece of joint guidance will help intermediaries and insurers to ensure that there are absolutely no grey areas in terms of responsibilities and should ensure that customers continue to be fairly treated in the process."
Andrew Paddick, IIB director general, said: "Although it is based on high level-principles, I would like to see this guidance form part of the training and competence foundation material for all industry staff, from the most senior to most junior."
