FSA has published an undertaking from UK Insurance relating to its use of the term “consequential loss” in a travel policy. An exclusion clause referred to “consequential loss of any kind”. FSA thought consumers would not understand the term, and also that it was so unclear and ambiguous it might constitute a “significant imbalance in the parties’ rights and obligations to the detriment of the consumer” (in the words of the UTCCR). Both OFT and FSA have previously noted their concern over use of the term "consequential loss". UK Insurance has agreed to amend its policy to describe what is and is not covered. The changes will apply to all RBS Group policies and other branded policies for which RBS is responsible for policy wording.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact email@example.com or call Lexology Customer Services on +44 20 7234 0606.
FSA gets UTCCR undertaking on consequential loss
- Jody Whitehorn or Ralph Lovesy.
- United Kingdom
- September 19 2008
If you are interested in submitting an article to Lexology, please contact Andrew Teague at firstname.lastname@example.org.
Senior Patent Counsel
Royal DSM NV