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FCA calls for feedback on open finance

FCA

The Financial Conduct Authority has published a call for input on proposals for open finance, which it claims could be a long-term solution to dual pricing.

Open finance would extend open banking principles to give consumers and businesses more control over a wider range of their financial data, including insurance.

The issues within general insurance

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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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