Assessing the insurance role of microsavings
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The mystery shopping identifies potentially significant failings in the PPI sales
processes of some firms. Several of the firms shopped did not comply with the
specific regulatory requirements in ICOB or treating their customers fairly when
undertaking these transactions.
The mystery shopping results highlight standards of behaviour that fall below our
expectations and raise questions about firms’ systems and controls. They may also
indicate failures in the quality of staff training and competence. For example, several
shoppers were unclear whether they were being sold a single or regular premium
policy or whether the sale was on an advised or non-advised basis as they were given
incorrect information by...
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Assessing the insurance role of microsavings
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Assessing the insurance role of microsavings
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