FSA warns of customer detriment in UK general insurance
The Financial Services Authority (FSA) has identified what it sees as three main risks of consumer detriment in the general insurance market and warned that it will not allow a repeat of the payment protection insurance mis-selling scandal.
The warning came as the regulator issued its Retail Conduct Risk Outlook for 2012 which provides analysis of where it sees the main risks which potentially face consumers in the financial services sector over the next 12 to 18 months.
In general insurance, the FSA identified these threats as: consumers purchasing on price without considering the difference in quality of product and post-sale charges; the sale of add-on products; and firms manufacturing products that are of little use to the
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