New broker regulator FCA to focus on add-on products
The incoming Financial Conduct Authority (FCA) is to focus on add-on products and services in the general insurance market.
The FCA, which, alongside the Prudential Regulation Authority, will replace the Financial Services Authority (FSA) on 1 April 2013, has published its business plan and risk outlook for 2013/14.
In the plan, the new regulator stated: “We have started work on a market study on general insurance add-ons products.
“Preliminary research carried out by the FSA suggests that consumers might not be sold a product that meets their needs, at a price that is competitive, when purchasing certain types of
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