Industry not shocked by new ICOB rules but some classification issues raised
By Peter Carvill The publication of the Insurance Conduct of Business (ICOB) sourcebook has not revealed any nasty or unexpected developments for the industry. After keeping the industry waiting, the Financial Services Authority (FSA) finally launched the document on 18 December. Major changes to the rules are that term assurance is now placed alongside income protection (IP) and critical illness (CI); payment protection insurance (PPI) will be scrutinised under new standards and private medical insurance (PMI) will be placed in the 'lighter touch' bracket as general insurance. Orig...
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