The British Insurance Brokers' Association (BIBA) has slammed new proposed guidelines from the Financial Services Authority (FSA) on the treatment of fee disclosure on lower risk or 'other' insurance products - saying that they represent a "license for the unscrupulous to hide charges".

The FSA's consultation paper 07/11 suggests a differentiated approach to regulating protection and 'other' insurance products - as the governing body looks to move towards a principles-based regime.

"The removal of the need to separate a fee from the premium when selling a lower risk product to a consumer is an extraordinary proposal, particularly given the FSA's scrutiny of commission disclosure in the commercial market at the moment," Steve White, BIBA's head of compliance and training, explained

"We are also concerned about the proposed classification of private medical insurance as a low risk product, the deletion of the inducements rule, the removal of the requirement to provide a 'policy summary', the removal of demands and needs statements for insurers and the presentation of the rules themselves."

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