Association of British Insurers presses for scripts to be used in critical illness sales
Wed, 21 Jul 2010
Advisers may have to used approved scripts when selling protection after criticism about poor intermediary product explanations by the Financial Services Authority (FSA).

The Association of British Insurers is initiating the move in an attempt to head off more severe sanctions from the regulator and it could be implemented before the end of the year.

Market research conducted by the FSA, which included adviser firms, found strong evidence of policy features not being correctly explained during oral sales of critical illness (CI). Nick Kirwan, ABI assistant director of health and protection, believes issuing scripts is necessary, having heard the evidence produced from mystery shopping and recorded phone calls.

He said: "It is pretty difficult to argue against as the evidence is pretty compelling if you listen to the calls. We have identified that some of these products have not been explained as well as they perhaps could and should have been."
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