New
travel insurance regulations set out by the Financial Services Authority (FSA) will help to protect the consumer, the group has asserted.
Coming into force from January 1st, new guidelines will make information on travel cover easier to understand and improve redress procedures in the event of a problem with the policy.
The FSA also adds that the new rules will make sure that providers have the staff and resources to competently deliver on the services that are advertised.
Dan Waters, director of retail policy and themes at the FSA, said: "Our rules are designed to put in place a proportionate, risk-based regulatory regime for these sales of travel insurance, securing protection for customers."
The association will be accepting applications for regulatory approval from June 30th.
As well as regulating various UK financial industries, the FSA also offers practical advice on what consumers can expect from insurance services.
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