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FSA to tie in KFD with polarisation changes

The FSA is to consult on new key features documents to coincide with the new post-polarisation regime which it says it will implement in Sept-ember 2003, which is earlier than many commentators had anticipated.

The new KFD would tie in with a new pack of documentation given to the consumer post-polarisation, including status disclosure and a menu of tariffs. The regulator also plans to issue a discussion paper on Sandler&#39s stakeholder suite of products by the end of the year followed by a consultation paper in mid-2003, with implementation expected in early 2004.

There will also be a further consultation on polarisation – likely to be less wide-ranging than CP121 and focused on the detailed rules – at the end of the year, with the new rules due in autumn next year.

The timetable is outlined in The Future Regulation of Insurance, a progress report from the Tiner project, published last week.

Scottish Equitable manager of business development Steve Cameron says: “The suggested date is earlier than we were expecting. While there is merit in introducing changes to documentation at the same time as the new depolarisation rules, there will have to be a long lead-in time to let providers prepare for this challenging timetable.”

Aifa director general Paul Smee says: “It is worth remembering that regulatory timetables can slip and slip. I am not sure they will be able to deliver this. We were expecting a consultation on consumer documentation last year but I can see the regulator trying to tie in timetables.”

FSA spokesman Rob McIvor says: “We are looking to overhaul key features documents rather than tweak it at the edges. Don&#39t pin us down to the dates.”

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