Regulatory Alerts2015-12-01
Report on the Thematic Review of the Sales of General Insurance Add-on Products
The Guernsey Financial Services Commission issued this report following a thematic review of general insurance intermediaries' sales of add-on products, identifying significant non-compliance with regulatory standards. The review found that licensees frequently failed to ensure fair dealing, assessed suitability inadequately, and relied on poor practices such as mandatory bundling and opt-out sales. The Commission mandates that intermediaries phase out these practices, improve training and complaint recording, and adhere strictly to existing conduct rules while the regulatory code is reviewed.
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