FSA demands better treatment for life insurance customers

Fri, 18 May 2007

The Financial Services Authority (FSA) have called for life insurance customers throughout the UK to be treated more fairly. The call comes amidst rising concerns that financial advisers are still not providing adequate advice to customers looking for life policies .

The director of the FSA and leader of their insurance sector, Sarah Wilson, made it clear that after-sales in the life insurance was not good enough, and concerns over the quality of advice being offered to life insurance customers continued.

She reportedly commented: "Without ongoing advice, consumers might not be able to make properly informed decisions about their with-profits policy . Poor after-sales information for these and other policy types makes it harder for consumers to understand the performance of their policies and the product features they have paid for."

The FSA called for life insurance companies and advisers to examine their process, and warned that fines would be issues to those that fail.
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