Travel insurance: Swiftcover welcomes FSA regulation of travel agents

Wednesday, 27 June 2007

A Treasury announcement that the Financial Services Authority (FSA) will now cover travel agents was welcomed by online insurer said that the decision to make the FSA regulate travel agents and tour operators would help protect holidaymakers from paying too much.

In his announcement, Ed Balls, economic secretary to the Treasury said: "20 million people were buying travel insurance yearly, with some putting themselves at risk with policies which did not provide adequate cover."

"Evidence shows that companies regulated by the FSA are better at getting consumers to make an informed choice because they are better at explaining the key features and exclusions of the product and guiding the customer through the sales process," he said. director of underwriting, Craig Staniland, agreed with Mr Balls' decision. He said: "

Travel insurance can be a last minute decision taken when a holiday is booked and its true value can be hidden when wrapped into the cost of the holiday."

The expert added that shopping around at could save an average family up to £90 on their travel insurance policy.

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Swiftcover and are both trading names of AXA Insurance UK plc, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority