New insurance guidelines "positive" for consumers

Wed, 19 Dec 2007

The decision to issue guidelines for the way insurance companies advertise their products is good news for consumers, it has been claimed.

Consumer Intelligence said that the steps taken by the Financial Services Authority (FSA) will make it clearer for consumers to choose between products being advertised.

The regulator's new rules mean that insurers must restrict their advertisements to demonstrating product features and benefits which will be available to the average consumer, Consumer Intelligence said.

Ian Hughes, managing director of the organisation, suggested that the changes are "important" because the insurance industry has experienced "smoke and mirrors" activity in the past.

"By creating clearer guidance for insurance companies, the FSA is making it a lot easier for consumers to understand and compare what they’re being offered," he commented.

The FSA announced that the new general insurance regime will come into place on January 6th 2008.

Insurance companies will have six months to meet the requirements.
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