ABI issues reviewable rate protection guidance

The guidance aims to ensure consumers are better informed when buying a policy, keep the product viable in the marketplace and reduce the risk of insurers not complying with the Unfair Terms in Consumer Contracts Regulations (UTCCRs) 1999. The initial consultation paper in May 2005 followed discussions between the ABI, Financial Ombudsman Scheme (Fos) and industry representatives in October 2003 when the Fos raised concerns some reviewable rate critical illness (CI) policies were not complying with the UTCCRs and were not fair and reasonable. The guidance says the ABI advice, together w...