Urgent steps insurers must take to comply with the FCA’s Consumer Duty
With only a month to go until the Financial Conduct Authority's Consumer Duty comes into force, Laura Miller explores what steps can be taken to make sure insurers comply with the rules.
The Consumer Duty comes into force in relation to open products on 31 July 2023.
The Financial Conduct Authority expects firms already to have made assessments of the products they manufacture and/or
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: https://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
Throwback Thursday: Brokers must declare links
Insurance Post’s Throwback Thursday steps back in time to April 1976 to remind you what was going on this week in insurance history when rules required brokers to declare their links to insurers.
Last lockdown claims ends a defining era for insurance
View from the Top: Karl Helgesen, COO at Intact Insurance, reflects on the lasting impact of Covid-19 on the insurance sector, as the limitation period for for lockdown claims comes to an end.
How insurers can use reporting data to spot culture risks early
Gemma McCall, co-founder and CEO of Culture Shift, explains how insurers can use anonymous reporting data to identify cultural risks early and meet growing regulatory expectations around workplace conduct.
Throwback Thursday: Insurer complains about red tape
Insurance Post’s Throwback Thursday steps back in time to April 1976 to remind you what was going on this week in insurance history, when an insurer’s chairman called the government’s approach into question.
Industry welcomes ‘common sense’ Mazur reversal
Several insurance law firms have welcomed the successful appeal against the Mazur ruling, with the decision being hailed as "common sense".
Storm damage claims test insurers’ settlement choices
A year of severe storms has strained repair networks and claims operations, which Ben Blain, head of property at Verisk Claims, points out has placed insurers’ settlement decisions, data oversight and ability to evidence fair customer outcomes firmly under the regulatory spotlight.
CMA sets out reforms for ‘outdated’ vet market
The Competition and Markets Authority today (24 March) set out its final report into the pet and vet market, with some legally binding reforms due to come in over the next couple of years.
Sicsic expands reach of regulatory consultancy
Former regulator Michael Sicsic has outlined plans to expand Sicsic Advisory as the business looks to build on the growth it has achieved since its launch in 2019.