FSA scrutinises banks' bundling of insurance products
The Financial Services Authority (FSA) has made a host of proposals to change the way that insurance is sold when bundled into bank accounts.
The consultation paper, Packaged bank accounts: New ICOBS rules for the sale of non-investment insurance contracts, will apply to banks or building societies selling insurance as part of an account but the FSA is also looking for feedback from insurers and intermediaries.
The regulator said the aim of the proposals was to ensure that consumers were aware they were buying the policy when opening the account and to limit the risk that they rely on the policies only to find that they are unsuitable
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