Regulator set to revise business conduct rules

The Financial Services Authority (FSA) has made it clear that it intends to introduce new Insurance Conduct of Business (ICOB) rules, in an attempt to prevent the continued mis-selling of payment protection insurance (PPI). Among other changes, the regulator has proposed that:

- Firms that rely on written information and do not explain key information to customers will have to change their procedures;

- In a non-advised sale, firms must ensure customers understand early in the sales process th