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Hi all,
re:
ICOB
4.2.15
An insurance intermediary must provide a customer with details of the
amount of any fees (or where an actual fee cannot be given the basis for
calculating any fees, enabling the customer to verify them) for an insurance
mediation activity before the customer incurs liability to pay the fee, or
before conclusion of the contract, whichever is earlier.
■ ICOB 4.2.15 R means that fees charged over the life of the contract by the insurance intermediary, including fees for mid-term adjustments, must be disclosed before the non-investment insurance contract is concluded.
Am I reading this wrong, or would this mean that any PPI provider would be obliged to tell us the cut they receive of the insurance premium paid?
(As I take it most banks farm out credit card PPI to a 3rd party)
?
re:
ICOB
4.2.15
An insurance intermediary must provide a customer with details of the
amount of any fees (or where an actual fee cannot be given the basis for
calculating any fees, enabling the customer to verify them) for an insurance
mediation activity before the customer incurs liability to pay the fee, or
before conclusion of the contract, whichever is earlier.
■ ICOB 4.2.15 R means that fees charged over the life of the contract by the insurance intermediary, including fees for mid-term adjustments, must be disclosed before the non-investment insurance contract is concluded.
Am I reading this wrong, or would this mean that any PPI provider would be obliged to tell us the cut they receive of the insurance premium paid?
(As I take it most banks farm out credit card PPI to a 3rd party)
?
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