Direct Line welcomes travel insurance ruling

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Direct Line welcomes travel insurance ruling

Wed 27th Jun 2007

Insurer Direct Line has lauded the treasury's decision to extend the powers of scrutiny the Financial Services Authority (FSA) has over the travel insurance industry.

Following its ruling, the FSA will have the authority to regulate travel agents who sell insurance, while historically it has only been able to oversee the sector on a stand-alone basis.

Research carried out by Direct Line indicates that public support for the move is significant, with over nine in ten Britons favouring it.

The mis-selling of policies has been prevalent among certain insurers, with a fifth of holidaymakers travelling with a pre-existing condition not knowing if they were covered.

Britons have also commented upon having experienced high-pressure sales techniques, with one in six also being told they would be unable to travel unless they took out a policy with a specific insurer.

Chris Price, Head of Direct Line Travel Insurance, said the new rulings "will establish a level commercial playing field, with all those who sell insurance now working under a common regulator".

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