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Principle still applies for non-advised business

Lifesearch claim that consumers who buy protection products without advice cannot seek redress form the Financial Ombudsman Service.

This is not the case. The fundamental principle, which applies both to advised and non-advised sales, is that firms should treat their customers fairly and provide them with clear, fair and not misleading information.

We require firms to give customers a policy summary, in addition to the full policy information, designed to provide key information in a clear and easily digestible form.

This summary must set out the significant features and benefits of the insurance and significant or unusual exclusions so that customers can check that the insurance is appropriate for their needs.

The policy summary must also set out the customer’s right to make a complaint to the FOS.

The FOS will take into account that a sale was non-advised. They can consider whether the firm has met our requirements, in particular, the requirement to treat customers fairly and provide them with clear, fair and not misleading information.

Robin Gordon-Walker
FSA, London


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