Why insurers relying purely on post may not be Consumer Duty compliant
As the Consumer Duty deadline fast approaches, Phil Shelley, chair of regtech company docStribute and a former Goldman Sachs banker, explains why insurers that are relying on paper communications will struggle to fully comply with the new rules.
The Consumer Duty Regulation lays out the Financial Conduct Authority’s view on the standard of behaviour they want from firms, develops expectations on how they should deliver good outcomes, as well
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
FCA hopes firms will gain confidence with fewer rules
The Financial Conduct Authority has said how it hopes firms build confidence in their knowledge of customer service and outcomes, as opposed to a “tickbox” exercise again.
What Tiernan will find in the Lloyd's CEO in-tray
Editor’s View: As Patrick Tiernan prepares to succeed John Neal as CEO of Lloyd’s at the start of June, Emma Ann Hughes reflects on what is in his in-tray, plus what is in his toolkit, to consider how he could transform and leave a lasting mark of the London Market.
DLG deal ‘on course’ and not a distraction for Aviva
Despite the Competitions and Markets Authority opening up a probe into the acquisition, Aviva’s Owen Morris remains confident the deal will still be done in mid-2025.
FCA handed 170,000-strong petition to fix insurance failings
Rocio Concha, director of policy and advocacy at Which?, explains why she went to the Financial Conduct Authority’s offices today and handed in a petition, signed by more than 170,000 people, calling on the regulator to get a stronger grip of a market that isn’t working as intended.
CMA launches probe into Aviva’s takeover of Direct Line
The Competition and Markets Authority has launched a probe of the prospective acquisition of Direct Line Group by Aviva, with its decision due by 10 July.
FCA strips back insurance rulebook
The Financial Conduct Authority has kicked off the British Insurance Brokers’ Association’s 2025 conference by outlining plans to ditch what it deems “outdated and duplicated requirements” from its insurance rulebook.
FCA remains a work in progress
Trade Voice: Chris Croft, CEO of the London and International Insurance Brokers’ Association, says that while the regulator has made strides towards its new objectives, further cultural change is needed.
Donald Trump and Elon Musk
Donald Trump’s re-election as US president, with Elon Musk as his right-hand man, created many challenges for the UK insurance industry.