The FSA has published an interim report about consumer experiences buying Insurance. The report identifies that the risk of detriment vary substantially across the various markets for general insurance products. The FSA has decided, therefore, to consider a move to a more principles-based approach to insurance conduct of business (ICOB) regulation.
The FSA is looking at removing most of the ICOB requirements for firms that go beyond minimum EU Directive requirements.
Copies of the report may be found at :
http://www.fsa.gov.uk/pubs/other/ICOB_review.pdf
