General Insurance. Will the FSA insist the public buys with or without financial advice?

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The Financial Services Authority has decided to review the relative merits of buying general insurance with and without financial advice - a review that will consider banning insurance sales unless the client has received personal advice. Such a ( secured loans ) move would prevent many Internet and tele-sales based operations from working as they are at present.

The sorts of insurance covered under this review include life insurance, critical illness insurance, medical insurance, car insurance, and home & contents insurance. (cheap health insurance)

At the heart of the issue is a feeling that, without advice, many clients do not get exactly the right policy or type of insurance they need. Of course the FSA will take evidence from both sides of the argument - the traditional financial adviser faction which ( life insurance quotations ) has been losing business hand over fist to the Internet and direct sales, will argue that full advice is absolutely vital to prevent the public making mistakes. The no advice brigade will argue that the products are well appreciated by the public and their no frills service helps push premiums well down.

The pro-advice case will point to the complexities of insurance and the publics lack of understanding of the merits of certain types of insurance. In ( medical insurance ) the writers opinion such arguments dont hold water in relation to very well understood forms of insurance such as car and home & contents - but there is some merit in respect of life insurance, critical illness insurance and medical insurance. (secured loans)

There is no doubt that if left to their own devices, some clients are very capable of making mistakes when they buy. Equally, it is quite clear that left to their ( home insurance quotes ) own devices, many clients do get exactly what they need. If the FSA imposed a full advice regime across the board, they would undoubtedly force prices up as providing advice is expensive. The issue is whether everyone should be forced to pay.

The writer does not believe that forcing all clients to receive full advice is the right way to go. It not only smacks of Big Daddy always knows best, but it will definitely increase cost for Internet operators and force prices up. Hardly in the best interests of all clients. (cheap car insurance)

Some believe that a defendable position would be to ensure that the risks of buying without advice are always pointed out with one of those infamous FSA Warning Statements and then give the option of either a DIY purchase or an ( remortgages ) advised purchase at a higher cost. In practice, many clients would get the advice and then armed with the advice, go to another web site and follow the cheaper DIY option. That is a recipe for commercial mayhem. Whist commercial realism is not at the top of the FSAs concerns, they surely must wish to maintain an orderly market place.

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