FSA has made new rules on standards that banks and building societies must meet when selling packaged bank accounts. The rules ensure providers check consumers will be eligible to claim under any insurance cover included in the package and that all policies within the package are suitable. Investors must also receive an annual eligibility statement, which FSA hopes will prompt them to review suitability of products. The new rules amend the Insurance: Conduct of Business Sourcebook (ICOBS) from 31 March 2013. FSA is consulting now on whether this statement should be a separate mailing, to give it added prominence. FSA wants comments on its further proposals by 29 October and wants to make new rules by the end of 2012. (Source: FSA Makes Packaged Bank Account Rules)
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 makes packaged bank account rules
If you are interested in submitting an article to Lexology, please contact Andrew Teague at firstname.lastname@example.org.