Press Centre
New watchdog campaign welcomed by local insurance company
4th April 2007
News that the Financial Services Authority (FSA) has launched a £2m campaign to help consumers feel more capable and confident about buying insurance, has been welcomed by Castle Cover, the over-50s insurance specialists based in Poole.
"Recent findings from a survey conducted by the FSA to assess consumers' understanding of insurance were quite concerning" remarked Castle Cover Managing Director Andrew Marchington.
"Nearly half of the people surveyed admitted they are confused about what their insurance covers and 52% find it difficult to compare insurance products. These results are particularly worrying for the insurance industry and we welcome the efforts of the FSA to address these" said Mr Marchington.
To give consumers a head start, the FSA's website - www.moneymadeclear.fsa.gov.uk - has clear, impartial information and explains the jargon all too often used in the financial services industry. The site includes an insurance checklist which encourages consumers to check what they're already covered for, to check the exclusions on policies, and to shop around and compare features - not just prices - to get the best deal.
"As a newly launched company specialising in home and motor insurance exclusively for the over fifties, we ensure that our products are as self-explanatory as possible and that our policy wordings are clear and concise. We also keep track of the competition by regularly implementing comparison studies to compare prices and benefits offered by other insurance companies".
"The training of sales staff is also a contributing factor in making consumers feel confident in their purchase. Our sales advisors complete a week-long course of in-depth training to ensure they are as knowledgeable as possible about the products they are selling, so that they can impart that knowledge onto customers" concluded Mr Marchington.
The FSA campaign will be targeting consumers online as well as via radio, television and text messages to mobile phones, and also includes the FSA's first podcast - insurance made clear. By providing plain, impartial information, the FSA believe that this will help to empower consumers and raise the financial capability of UK citizens.
