FSA and OFT to discuss protection guidance

Nia Williams

February 13, 2013

Members are being asked to submit their questions in advance to the association to allow the regulators time to respond, even if members are unable to attend on the day.

Steve Devine, Protect’s chairman, said the same process was used for the draft guidance and worked well.

He said: “It gives the regulators a heads up on what the contentious points or issues are and gives them time to consider their responses.

“It certainly did not stifle the debate or other spontaneous questions being asked at our previous meeting and more importantly it led to changes to the draft guidance that we recognise in the final guidance.”

The guidance applies to accident, sickness and unemployment type products, including Short Term Income Protection and Debt Waiver and cover of other events that affect a consumer’s ability to meet certain financial commitments.

Devine added: “It’s very important for the future of STIP that everyone understands what is required from the regulators and has the confidence to market their products to meet consumers needs.

“The vast majority of working people simply cannot afford to take out the longer term protection insurance products and that leaves them exposed if they fall sick or lose their income or jobs.”

Devine hopes this meeting and the guidance itself will be a starting point for building that confidence.

The meeting is being held at the Cornhill Room, 23 Austin Friars, London at 2.00pm until 4.00pm on Tuesday 26th February.

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