Biba calls for ban on banks selling insurance
Banks should be banned outright from directly selling general insurance products, according to the British Insurance Brokers’ Association (Biba).
Eric Galbraith, Biba chief executive, called for the Financial Services Authority (FSA) to look into adopting a similar approach to Canada, where banks are not permitted to sell general insurance products.
The comments were made in response to the regulator’s recent announcement that it had opened a consultation into sales incentives schemes in the financial services industry.
The FSA stated that it expected firms to consider carefully whether they had incentive schemes that increased the risk
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