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Insurance industry set to change

26 September 2005
Leading insurers and brokers are to dramatically change the way they do business in order to comply with the UK financial watchdog's regulations and improve consumer relations.

The Financial Services Authority (FSA) also said at the Chartered Insurance Institute's annual conference last week that it will be reviewing the way UK insurance consumers are treated.

Attending insurance companies also discussed also the FSA's Treating Customers Fairly initiative, devised to give insurers guidelines on how to give their customers the best service possible.

A Royal Sun Alliance spokesperson said: "What we are looking for is a change of culture. It’s simple: we need to eradicate errors, impose discipline on our process and increase the clarity of our communications."

Recent FSA concern in the industry has been centred around the sale of payment protection insurance.

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