Why initial attempts at justifying fair value have been too flimsy
James Daley, managing director of consumer group and consultancy Fairer Finance, reveals how the early fair value assessments he has seen fail to “come close to doing a good enough job”.
It’s been more than two years now since insurers were forced by the Financial Conduct Authority to start proving and attesting that their products offer fair value.
During that time, the Consumer Duty
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Regulation
Pride exposes prejudice LGBTQ+ individuals face in insurance
Editor’s View: LGBTQ+ network Link’s latest survey shows many insurance professionals still feel pressure to hide parts of themselves at work, which Emma Ann Hughes argues highlights the need for insurers to move beyond Pride branding and ‘pinkwashing’ to build actually inclusive cultures.
Why the Financial Services and Markets Bill is a chance to reset regulation
Trade Voice: David Otudeko, director of regulation at the Association of British Insurers, breaks down why the government's new financial services bill is a chance to refresh the map of regulation.
Inside FCA’s AI test: Avantia reveals regulator’s view
Mark Eastham, CEO of Avantia, the sole insurer participant in the Financial Conduct Authority’s Artificial Intelligence Live Testing initiative, has shared what the MGA has gained from direct engagement with the regulator.
UK insurance chiefs’ demand for AI tools driving M&A plans
More than a quarter of insurance company chief executives have said an appetite to boost their artificial intelligence toolkit is driving their acquisition plans, but some are struggling with resistance from staff, according to a new survey.
House of Lords to probe insurance market
The House of Lords Financial Services Regulation Committee has today (21 May) launched a new inquiry on the regulation of the UK’s consumer insurance market.
Why the regulators are looking more closely at MGAs
MGAs are facing intensified oversight as regulators review delegated authority models, but Marcel Le Gouais asks could the scrutiny jumpstart measures to resolve claims and data quality issues?
FCA’s Reynolds outlines insurance priorities
Graeme Reynolds, director of competition and interim director of insurance at the Financial Conduct Authority, takes centre stage in the latest Insurance Post Podcast, setting out the regulator’s key priorities for the market.
FCA issues ghost broker warning to young drivers
The Financial Conduct Authority has warned 17 to 25-year-olds about fake car insurance, after research found 49% of young drivers have bought policies through social media.