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FCA pledges crackdown on firms displaying disregard for customer outcomes: updated

Financial Conduct Authority

The Financial Conduct Authority has warned general insurance firms that it "will not hesitate to intervene" if firms fail to meet their obligations to customers.

The warning comes as the regulator publishes of a report that outlines the potential harms of the general insurance distribution chain to customers.

These included customers purchasing inappropriate

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Hidden risks in insurers’ culture and misconduct data

Insurers are under growing regulatory pressure to treat non-financial misconduct as a core conduct risk, according to Loka Venkatramana from Pathlight Associates, who says they should use cultural and behavioural data with the same rigour as financial metrics to identify and address problems before they damage customers, staff or the market.

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