Trade bodies collaborate on product governance amid concerns of sluggish progress

Regulation

Insurance industry trade bodies are working to agree templates for information sharing between firms to enable them to more easily come into line with the Financial Conduct Authority’s enhanced product governance rules.

The collaboration comes amid concerns that firms have been slow to get to grips with the demands of the rules, which come into force on 1 October ahead of new pricing rules on 1 January.

The changes

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