FCA proposes to ban opt-out selling
Regulator to abolish opt-out selling following study into the general insurance add-ons industry.
The Financial Conduct Authority is set to ban opt-out selling in financial services markets.
The move follows the regulator's review into add-ons in the general insurance market which took place last year.
The FCA said in a statement: "Following a market study into the general insurance add-ons industry last year, the FCA found that opt-out selling often results in consumers purchasing an insurance product they don't need. Some consumers are not even aware they have bought an add-on."
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