The Financial Services Authority (FSA) has launched a £2M campaign, to help consumers "get a grip" on insurance matters.
A recent FSA survey showed that consumers haven't a clue about insurance. Quite why they needed to conduct a survey to find that out is beyond me. According to the survey:
-49% of people are confused about what their insurance covers;
-52% of people find it difficult to compare insurance products;
-45% don't know if they're getting a good deal;
Vernon Everitt, Director of Retail Themes at the FSA, said:
"Insurance plays an important part in protecting our families, homes and possessions. But as with all financial products, consumers need to be capable and confident in making the right choices, including shopping around for the best deal and asking the right questions. Our jargon-free information will help them do just that.
We want to help consumers ask the right questions of themselves and the insurance market when it comes to buying products. The market as a whole will benefit from more capable and confident consumers."
The FSA website can be accessed via www.moneymadeclear.fsa.gov.uk/insurance