Our Insurance Conduct of Business Sourcebook (ICOBS) requires firms to ensure that a customer is given appropriate information about a policy in good time and in a comprehensible form so that the customer can make an informed decision about the arrangements proposed (ICOBS 6.1.5). This includes providing an Insurance Product Information Document (IPID) which provides a summary of the features and risks of an insurance product to help customers understand key policy information.
We expect for firms to take reasonable steps to ensure that a customer only purchases a policy which they are eligible to claim benefits for. Where a firm finds that parts of the cover apply, but others do not, we expect for the customer to be informed so that the customer can make an informed decision on whether to buy the policy (ICOBS 5.1).
Our Consumer Duty requires firms to act to deliver good outcomes for retail customers (Principle 12). Firms should conduct their business to a standard which ensures an appropriate level of protection for retail customers.
If you think a firm or individual is involved in wrongdoing within an area we regulate, and you want to report it confidentially, please contact our Whistleblowing team.
We can only act on what we know – so any information that you provide allows us to consider any potential risks.
If you are a consumer or a shareholder with concerns, you can speak to our consumer contact centre:
- use our webform
- call: 0800 111 6768 (freephone), 0300 500 8082 (from the UK) or +44 207 066 1000 (from abroad)
If you are reporting on behalf of your firm, speak in confidence to our firm contact centre:
- email: [email protected]
- call: 0300 500 0597 from the UK, +44 207 066 1000 from abroad
Please see here for more information on whistleblowing.
