Open finance identified as key to Consumer Duty compliance
General insurers need to make greater use of open banking in order to comply with the Financial Conduct Authority's Consumer Duty requirements, according to Suzanne Homewood, managing director of decisioning at Moneyhub.
Homewood said general insurers should switch from asking 20 questions about the state of a policyholder’s finances at point of sale, when a premium payment is missed or claim made, to asking for
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 Personal
Why Which?’s super-complaint is a turning point for insurance
Rocio Concha, director of policy and advocacy at Which?, explains why the Financial Conduct Authority’s agreement with its super-complaint marks a critical moment for home and travel insurance, and why swift regulatory action is now essential to improve consumer outcomes.
LV looking to relaunch into general insurance in early 2028
Liverpool Victoria Friendly Society is sizing up a potential return to the general insurance market under the ‘LV=’ brand in early 2028, once its exclusivity period with Allianz runs out, Insurance Post has learned.
Axa Partners hit with FCA limitations
Following the Which? super complaint, the Financial Conduct Authority has told Axa Partners UK it cannot grow its current customer base without written permission from the regulator.
Five insurance M&A storylines to follow in 2026
As we bid farewell to 2025, Post content director Jonathan Swift highlights the M&A storylines that might make the transition from rumour to reality next year and beyond.
MGAs Review of the Year 2025
2025 was a landmark year for MGAs, marked by record growth, major partnerships, technological innovation and expanding global reach, even as soft market conditions and pricing pressures tested resilience across the sector.
Insurance Post’s star-studded Christmas Special for 2025
The award-winning Insurance Post Podcast has signed off the year with a Christmas Special featuring industry heavyweights, newsroom favourites and even a CBeebies-style bedtime story.
FCA partly rebuffs Which? but widens insurance crackdown
The Financial Conduct Authority has pushed back against parts of Which?’s super complaint about home and travel insurance, but accepted there are clear weaknesses in the market that require further regulatory action.
NFU Mutual chief urges action on rising rural road fatalities
Nick Turner, chief executive of NFU Mutual, warns that rural roads remain disproportionately deadly and calls on the government to ensure the new national road safety strategy tackles the persistent loss of life.