§ Lord Molloyasked Her Majesty's Government:
Whether they are satisfied that the administrative and commission expenses of the life assurance industry are fully disclosed to its customers.
§ The Parliamentary Under-Secretary of State, Department of Trade and Industry (Lord Reay)Disclosure of life insurers' costs and expenses is governed by the rules made under the Financial 81WA Services Act. The primary responsibility for these rules lies with the Securities and Investments Board (SIB). SIB are currently conducting a review of retail regulation, including disclosure of life insurers, and published a consultative paper on this issue on 11th March. Interested parties are invited to comment to SIB by the end of April.