The Financial Ombudsman Service (FOS) has suggested that a simpler version of the Financial Services Council (FSC) Life Insurance Code of Practice is in order when making decisions about life insurance disputes.
The suggestion was made in the FOS submission to the Parliamentary Joint Committee Inquiry into the life insurance industry. The FOS supports the FSC's work, but wants it to be easier for consumers to understand and read.
Each statement, the submissions read, should be simply stated, say how it can be met, and what will occur if it is not met. A commitment to fair service and treatment of consumers throughout their life insurance life cycle should be made, the submission said.