Demands not optional
Q. The FSA's factsheet regarding Optional Extras implies we will have to issue a seperate demands and needs statement for uninsured loss recovery, as well as the motor policy connected with it. Is this right?
The Financial Services Authority reviewed the approach of a number of firms to the handling of add-ons, such as motor legal expenses. They found these were not being offered in a high proportion of cases.
I would urge readers to check within their own organisations, that the person responsible for compliance has reviewed your approach against the backdrop of the findings in this document. The FSA will review the matter again during 2006 and 'will take action against firms that deliberately
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