Since December 2012 the regulator has been looking at the sale of optional additional products. In April 2016 the regulator introduced a ban on opt-out sales of optional additional products.
The General Insurance Pricing Practices Market Study clearly identified Premium Finance as an additional product subject to the existing rules within ICOBS and, in particular, Optional Additional Products (ICOBS 6A2) and Cross-Selling (ICOBS 6A3). The payment method offered by firms must be in the customer's best interests and, the information about the cost of the premium finance must meet the clear fair and not misleading rule. When . . .
This content is restricted to subscribers