FCA moves the goalposts over add-ons
Brokers express surprise and concern over regulator’s unexpectedly wide definition of add-ons
The definition of an add-on product has been widened to include any type of policy extensions sold along with a primary product, according to a policy statement from the Financial Conduct Authority (FCA).
The document (see box) details new rules around the sale of add-ons in both personal and commercial lines, including a ban on opt out selling, which will come into force on 1 April 2016.
The ban on opt-out selling came as no surprise to experts across the market, however, they expressed
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