Insurance Firms ‘Falling Short’ On EU Rules, FCA Warns
Law360, London (May 17, 2019, 5:34 PM BST) -- British insurance firms are flouting European rules aimed at safeguarding consumers, the Financial Conduct Authority has said, warning that it will take action against insurers that fail to identify the needs of their customers.
Karina McTeague, director of general insurance at the FCA, berated insurers for not following the bloc’s Insurance Distribution Directive, which came into force in October. She said that some insurance firms are not checking whether their policyholders have alternative cover elsewhere or are overloading them with information that hides relevant terms.
The directive, known as the IDD, forces insurers to check that the products and services that...
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