Biba criticises FSA’s ICOB rule change proposals
The British Insurance Brokers’ Association (Biba)has roundly criticised the Financial Services Authority’s (FSA) long awaited consultation paper proposing amendments to its Insurance Conduct of Business rules (ICOB).
The proposals are the result of the first part of FSA’s effectiveness review and, if implemented, would lead to a fundamental un-levelling of the playing field, according to Biba.
Steve White, head of compliance and training at Biba said: “We support the FSA’s proposals to increase the required disclosures in respect of the higher risk products, such as payment protection and critical illness. However, we are very disappointed that they have chosen to turn off specific rules for insurers for the
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