Business Services Industry
UK Insurance Companies Are Told to Provide Clear Summaries for Customers.
Knight Ridder/Tribune Business News, May, 2004
By Justin Harper, Daily Mail, London Knight Ridder/Tribune Business News
May 26--Chief executives of Britain's biggest insurance companies have been forced to ditch confusing sales literature and replace them with new easy-to-understand summary boxes.
The Treasury Select Committee spent more than two-and-a-half hours mauling the bosses of Prudential, Legal & General, Aviva (which owns Norwich Union) and Standard Life.
Committee chairman John McFall (Labour, Dumbarton) said the current way that insurance companies sell products is unclear and confusing for the consumers.
Financial firms use lengthy "key features" documents which are supposed to spell out charges, product design and risk.
Mr McFall said: "Key features...
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