List of Prohibited Business Conduct

Question 1

What is the FSA schedule for “Prohibited Business Conduct”?

Answer 1

Schedule 7 FSA 2013

Question 2

List down the prohibited business conduct that would apply equally to insurers and insurance intermediaries.

Answer 2

1. Engaging in conduct that is, or likely lead to it
2. Inducing or attempting to induce a financial consumer to do an act:
   a) making a statement that is misleading, false, or deceptive
   b) dishonestly concealing, omitting, or providing material facts in which is ambiguous
   c) recklessly making any statement that is misleading, false, or deceptive
   misleading
3. Exerting undue pressure about the provision of any financial service or product to a financial consumer
4. Demanding payments from the financial consumer for unsolicited financial services or products including threatening to bring legal proceedings unless the consumer has communicated his acceptance
5. Exerting under pressure on, or coercing a financial consumer to acquire any financial service or product as a condition for acquiring another financial service or product
6. Colluding with any person to fix or control the financial product features to the detriment of any financial consumer except for any tariff or premium rates or policy terms that have been approved by the Bank.