Biba says move will protect consumers
Travel agents selling insurance alongside a holiday will be regulated by the FSA, the Treasury announced today.
Biba chief executive Eric Galbraith welcomed the move: "We wholeheartedly welcome the Treasury’s proposals for the regulation of the travel insurance industry.
“This is a great win for our members. It is a topic they feel strongly about, and the Biba team has done an excellent job for members in representing their views to Government.
“Biba has been campaigning for this change, and has been working with Treasury to find the best way of ensuring that consumers receive the appropriate guidance when taking out travel insurance, particularly from travel agents and tour operators.
“Consumers should receive clear and well-informed advice when purchasing insurance, a service which can be best provided by brokers and intermediaries.
“It is vital that consumers are protected when they go abroad, that they know what they are buying, and what their travel insurance policies do and don’t cover. Today’s decision will go a long way to ensure this happens.”
