FSCS' Mark Neale: Europe needs clear rules on consumer protection

In a blog post published on Friday Neale wrote the FSCS would pay out to UK-based clients of European insurers in the event of a firm failure, which in turn would impact the levy insurance firms have to pay. But other countries within the European Economic Area (EEA) don't have such schemes in place, he wrote.  Neale said he welcomed the European trade agreements, which mean European insurers can sell policies to consumers in other EEA countries, under so-called 'passporting' rules, because they increase competition and choice for the consumer. But he called for an EU directive to ...