FSA regulation of Insurance

payless

The FSA takes over regulation of General Insurance today- which includes products such as Building & Contents, car and travel insurance, together with non-investment life assurance ( pure protection) like simple term assurance.

http://www.fsa.gov.uk/consumer/05_INSURANCE/keyfacts/keyfacts_intro.html

Before buying you should now receive certain information -
usually in the format of Key Facts Documents (key features for life/ critical illness)

Quote from FSA Site

A.  details of the service the broker is giving you; and

B.  A summary of the insurance policy being offered to
you.

Buying with advice

Where the new rules apply, authorised firms in the UK must generally recommend only an insurance policy that is suitable for you. If the product or service is unsuitable, you may be able to complain to the firm that advised you.

Buying without advice

You don't have to get advice before you take out an insurance policy, and UK firms that sell insurance without advice still have to follow our rules. But it is up to you to decide whether the policy is suitable for you. You may have less reason for complaint if the product turns out to be unsuitable.

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[ Not sure - but current investment advisers who also sell life assurance may have a slightly different procedure on the initial disclosure documents  ]

dunstonh

[ Not sure - but current investment advisers who also sell life assurance may have a slightly different procedure on the  initial disclosure documents   ]

yes we dont need to use IDD yet.  Terms of business are still fine.  Its an overlap period.

If i was doing it on the old non-regulated role, i would need to follow the new ways.  If on a full advice basis, i can still do it the old way for the time being. Full advice not being the same as advice.

A few of us met up earlier today and decided its a right mess with these mixed up meanings .