PS07/24: Insurance selling and administration - Feedback on CP07/11 and final rules
This Policy Statement reports on the main issues arising from Consultation Paper 07/11 'Insurance selling and administration - proposed amendments to the Insurance: Conduct of Business Sourcebook' and publishes final rules.
Introductory documents
Press release:
FSA cuts back on detailed insurance selling rules but tightens up where customers are not being treated fairly
Newsletter [ PDF ]
Policy Statement
PS07/24: [ PDF ]
Insurance selling and administration - Feedback on CP07/11 and final rules
After publication of CP07/11, we commissioned two pieces of consumer research - consisting of mock sales and laboratory experiments - to assess our proposals for additional rules for protection products. Annex 4 to PS07/24 (the cost benefit analysis) summarises the results of this research. The consultants' own summaries are below:
FSA Mock Sales (PPI) - New ICOB Test [PDF]
Powerpoint presentation of the results of research carried out by Opinion Research Corporation International
Experimental Evidence on Salesmanship, Mandatory Disclosure and the Purchase of Income and Loan Payment Protection Insurance [PDF]
Report by Professor David de Meza, Dr Bernd Irlenbusch and Professor Diane Reyniers of the London School of Economics and Political Science
Other relevant information
CP07/11: (June 2007)
Insurance selling and administration - proposed amendments to the Insurance: Conduct of Business Sourcebook
DP07/1 (June 2007)
A review of retail distribution