The Financial Services Authority (FSA) has published a new guidance note entitled ICOBS at a glance. This brief document highlights the new conduct of business rules for insurers and provides a brief summary of the main requirements of the new Insurance: Conduct of Business sourcebook (ICOBS), with the aim of assisting insurance companies and intermediaries in the UK, who have 3 months left in which to ensure that their processes and policies meet the new standards. (Click here to view our previous post).
The rules and guidance apply to all firms, products and both consumers and commercial customers unless otherwise specified. Although it does not provide detailed content, it may be a useful tool in gaining an overview of the main requirements.