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UK watchdog bans default selling of additional general insurance cover

Reuters - UK Focus

LONDON, Sept 28 (Reuters) - The Financial Conduct Authority said on Monday it was banning default selling of additional products under general insurance cover, which require customers to opt out if they do not want to buy the extra products.

The FCA said that, currently, customers might buy "optional extras", like separate baggage cover on a travel policy, or accidental damage on a home insurance policy, without realising they were doing so.

"There is potential for harm to occur," it said in a policy statement following consultation with the industry.

The ban will come into force in April (LSE: 0N69.L - news) 2016, the FCA said, adding that an earlier study had shown customers were overpaying for these extra policies by up to 200 million pounds ($303.84 million) a year.

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It (Other OTC: ITGL - news) said the ban would prevent customers buying products they did not need and overpaying for them.

UK companies offering general insurance include FTSE 100 firms Admiral, Aviva (Other OTC: AIVAF - news) , Direct Line (Other OTC: DIISD - news) and RSA. ($1 = 0.6582 pounds) (Reporting by Carolyn Cohn; editing by Simon Jessop)