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.”
