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Cost of living crisis and pandemic push fair value to top of FCA's priorities

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Ensuring that consumers affect by the cost of living crisis are treated fairly by insurance companies is a key area of focus for the Financial Conduct Authority, the regulator’s director of insurance and conduct specialists Matt Brewis told a policy conference on Thursday.

Speaking as part of an online policy conference held by the Westminster Business Forum, Brewis set out what the FCA’s priorities are in the wake of Covid-19.

Chief among these was ensuring that

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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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