FCA Takes Aim At Sales Tactics Of Insurance Brokers
Law360, London (September 4, 2020, 4:50 PM BST) -- The City watchdog has taken aim at the "inappropriate sales tactics" employed by insurance brokers which make it more likely that consumers are sold unsuitable products.
The Financial Conduct Authority has written to the chief executives of insurance brokers to warn them that their companies should take a hard look at remuneration models that could encourage poor behavior.
The regulator said in Friday's so-called Dear CEO letter that it is is concerned about the treatment of consumers left financially vulnerable by the economic effects of the COVID-19 pandemic.
"There are significant risks of potential harm that both the market and individual firms...
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