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Legislation / Legal
FSA: A further Financial Services Authority (FSA) review of insurance comparison websites has found that many sites have made significant improvements and are consistently providing clear, fair and not misleading information, but some firms need to go further to address a few specific concerns.
The FSA visited a sample of the firms responsible for the 17 websites that were assessed during the initial review and found that many of them had made improvements to their websites and processes. However, the FSA has identified two specific areas where some firms need to make further improvements:
* Obtaining better information from insurers about the level of excesses that apply to insurance policies
* Making more clear the assumptions about consumers' needs & circumstances that some websites use to obtain quotes
Press release ~ FSA: Review into insurance comparison websites ~ Money made Clear – Getting help buying insurance
OFT: A Dutch-based company has been stopped from publishing misleading 'psychic' advertisements in the UK, following action by the OFT. Sky Connection BV, a Dutch company, placed advertisements in a number of national newspapers and magazines claiming that 'experts' at an organisation named as the 'Institute of Wellbeing' were launching a major appeal to identify individuals born between 1932 and 1969.
The OFT estimates that 170,000 UK consumers fall victim to deceptive psychic mailings every year and lose an estimated £40m.
DH: New laws that will help maintain the UK's position as a world leader in embryo research, enable scientists to investigate cures for serious illnesses such as Parkinson's disease and regulate assisted reproductive treatments, have received Royal Assent.
The new Human Fertilisation and Embryology Act updates the 1990 law to ensure that it is fit for purpose in the 21st Century and keeps the UK at the forefront of developments in treatment and research. The Government undertook a review of the law primarily in response to technological developments, such as new ways of creating embryos that have arisen since 1990, and changes in society.
OFT: The Office of Fair Trading has launched a campaign to ensure minicab operators across the UK understand competition rules, as it is concerned there may be a particular lack of awareness among private hire vehicle operators of the stringent civil & criminal laws against price fixing, following a number of reports of minicab operators entering into agreements with their competitors to set prices.
Minicab operators are being warned that individuals may face criminal liability for price-fixing, including fines and even the possibility of imprisonment. In addition businesses could be fined up to 10% of their total turnover.
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