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Backing for simpler insurance rules

The Financial Services Authority (FSA) is cutting back on detailed insurance-selling rules but tightening up where customers are not being treated fairly.

Simpler rules came into effect on January 6 and firms are required to meet the required standard by July 6. The FLA’s new Insurance Conduct of Business sourcebook (ICOBS) sets out the standards and requirements for the way general insurance firms deal with their customers.

Neil Ward, of industry consultancy Rocket Performance Group, says: “We need to ensure motor retailers are seen to be leaders in offering insurance products with high integrity, and in a customer-friendly manner that extends to all insurance products.”

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