Regulatory Madness
I recently had the pleasure of buying some motor insurance from one of the UK’s more exotic firms.
The whole transaction took place on the telephone and lasted 45 minutes of my precious life.
Ten minutes allowed the insurer to collect data from me allowing them to make an underwriting decision.
The other 35 minutes consisted of the lady in a call centre reading the whole policy to me.
When pushed on why she was doing this she responded that this was an FCA requirement.
It isn’t.
It is a requirement that customers understand the terms of contract they are entering into. Clearly this institution’s compliance function has a bizarre interpretation of my capacity to understand.