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Life Insurance - FSA maps out insurance reforms - 19/12/2007

  
 
  The Financial Services Authority (FSA) has released its latest revisions to its Conduct of Business regulations to UK insurers, which will particularly affect the life insurance industry.

Sales techniques for life insurance - specifically critical illness life insurance protection and term life insurance - are a focus of reform.

Insurers are to be obliged to provide what the FSA terms "better oral disclosure of key information about policies" - a move which should curb life insurance mis-selling.

Commenting on the reforms, FSA director of retail policy and themes Dan Waters said: "[This] is another important achievement in more principles-based regulation - we have greatly simplified our rules in areas of general insurance markets where outcomes for consumers are generally good.

"In a few areas…we have responded to continuing market failures and consumer detriment by introducing carefully targeted rules to help ensure that consumers achieve a fair deal."

Another focus of the FSA's insurance reforms regard the selling standards of Payment Protection Insurance (PPI) - the voluntary nature of whose purchase is often obscured by providers.

By way of making cancelling PPI purchases made by mistake easier, the cancellation period is to be extended from 14 to 30 days.

The revisions will come into effect from January next year - with all firms required to fully meet them by July.
   
 
     
 
 
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