The Financial Services Authority (FSA) has published an analysis of the main risks that potentially face insurance consumers over the next 12 to18 months.
The Retail Conduct Risk Outlook shows that consumers continue to struggle with the effects of a slower economy. The FSA found evidence that many people are trying to tackle this by shopping around.
So one of the major risks consumers face is buying and being sold unsuitable products –products they do not understand or that do not meet their individual circumstances.
Martin Wheatley of the FSA says, “Consumers rely on providers and their products. They need to be able to trust that the products they buy work for them and that they are getting a fair deal. But our report shows that consumers worry they are not being sold the right products.”