ABI report is a bad start for FSA’s review of general insurance regime

As the Financial Services Authority (FSA) begins its survey into the effectiveness of the general insurance sales regime introduced at the beginning of last year, an industry-commissioned report has condemned the new rules as over-pre-scriptive and largely failing consumers. The Association of British Insurers’ (ABI) report found that the new regime, implemented to comply with the EU directive on insurance mediation but noted for its additional rules, is costing consumers almost £400m each year for information that they are not interested in.