McSharry criticises IFRSA’s message
Donagh McSharry said although the association welcomed IFSRA’s message to consumers to shop around, he was critical of the regulator moving into the realms of offering advice to consumers.
“The cheapest product is not always the best product,” he said at the IBA’s annual conference.
He added: “When consumers are dealing directly with an insurance company, insurance is being bought without advice. There is no legal requirement on insurers to give advice so they don’t. When you deal with a broker you get professional advice, as part of the package, as required by law.”
