Are the customer definitions different in the ICOBS rules?
We now refer to ‘consumers’ and ‘commercial customers’, instead of ‘retail customers’ and ‘commercial customers’. This is to match the Distance Marketing Directive (DMD) wording. But ‘consumer’ is exactly the same as ‘retail customer’. The only change to our customer classification is that we no longer require ‘mixed use customers’ to be treated in the same way as consumers. So in future, if you deal with a customer who wants to take out insurance covering them in both a private and business capacity, you can treat them as a commercial customer. But you will need to treat small businesses in a different way to large commercial customers, because of Principle 6 (treating customers fairly) and the way we have worded our high-level product disclosure standard in ICOBS 6. See ICOBS 6.1.7G, which says the information required will vary according to such matters as the knowledge, experience and ability of a typical customer for the policy.
Related Questions
- There are 3 different topical regimes to aid in the repairing process - could a customer use more than one product in a single session ( i.e. rejuvenating and firming)?
- Does STORE sort the customer base by different categories such as residential, commercial, climate controlled, non-climate controlled, etc.?
- How are the new rules different?
