FCA still asking insurers if they have heard of Consumer Duty
With only four months to go until the Financial Conduct Authority’s Consumer Duty comes into force, the regulator has reached out to insurers to ask if they have even heard of the new set of rules.
At the end of January, the FCA announced it would survey more than 600 firms to understand the progress they are making in implementing the duty, which comes into force for new and existing products
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: http://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 Regulation
Spotlight: Insurance’s regulatory burden – are we to blame?
The insurance industry is under immense pressure from an increasing regulatory burden, but to what extent are firms themselves to blame for failing to adopt modern technology and processes?
Which? reveals insurer premium finance APRs
Research conducted by Which? has found that several motor and home insurers are charging what the consumer watchdog called “excessively high levels of interest on monthly payments.”
Electric vehicles and the future of motor insurance
How will the rise of electric vehicles and the FCA’s Consumer Duty affect the car hire and replacement vehicle market?
Sorry saga signals signposting shortcomings
Editor’s View: Emma Ann Hughes argues the regulator needs to check how and when travel insurers are directing people with pre-existing medical conditions towards alternative products and services.
FCA is banging its head against a wall on fair value
News Editor’s View: Following yet another thematic review where the Financial Conduct Authority says firms are unable to show fair value, and are even breaching rules, Scott McGee considers how the regulator could tackle poor conduct and asks if a commission cap could be on the cards?
Changes at the top of FOS as Rachel Lam leaves post
Insurance Post has been informed that Rachel Lam is no longer in her position as ombudsman director of insurance at the Financial Ombudsman Service.
Insurers that paused EDI work told to redouble efforts
The insurance industry may need to renew ethnicity and disability data collection efforts due to Labour’s diversity pay reporting proposals.
Operational resilience: will insurers meet the March 2025 deadline?
Sarah Ouarbya, partner for financial services consulting at Forvis Mazars, examines how insurers should prepare for the Financial Conduct Authority and the Prudential Regulation Authority’s operational resilience rules coming into force.