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FSA feedback on product intervention

FSA - Financial Services Authority

Insurance regulator FSA has published feedback statement on product intervention, following its January discussion paper.

 

Consumer organisations supported FSA proposals, while some insurers said the focus should be at point of sale, as that is where consumer detriment occurs, others thought intervention at product level and new requirements on product governance were a good idea.

 

FSA believes an intervention approach is essential and says product design plays a significant role in determining consumer outcomes as well as what happens at point of sale. It maintains it is possible to design products that take advantage of consumer behaviour in a way that will not benefit consumers and it does not accept there is enough competition in the markets to drive away these products.
Health insurance news: 30 June 2011