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ABI says oral disclosure project meets FSA demands

The Association of British Insurers says its controversial oral disclosure project, which includes template sales scripts for advisers, is a ready-made solution for firms to comply with the FSA’s protection review.

In November, the FSA wrote to all firms selling stand-alone protection, ordering them to review their sales processes after the regulator found significant failures by firms to comply with oral disclosure rules.

In July, the ABI was criticised for its plans to produce checklists and template scripts to help advisers selling criticalillness cover comply with insurance conduct of business sourcebook rules.

But ABI assistant director of health and protection Nick Kirwan says: “When advisers selling protection under Icobs write back to the FSA, I am expecting them to have picked up the ABI’s work on oral disclosure and say the matter is in hand. This is a proactive call to action. We provide an off-the-peg solution.”

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There is one comment at the moment, we would love to hear your opinion too.

  1. Oral? But I’ve always had the strong impression that the FSA’s view is that, if it ain’t in the file, it didn’t happen…

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