What to expect from the regulator in 2024

In the latest Post Podcast, regulatory experts shared whether, with a general election looming on the horizon, the industry can expect crackdowns from the watchdog and slaps on the wrist relating to premium finance.

Mathew Rutter, regulatory partner at DAC Beachcroft, said: “We are in a bit of a limbo in terms of the Consumer Duty. Firms have implemented it but may wonder what is expected of them in practice and the evidence they will need to pull together.”

Kayleigh Benneworth, group head of risk and compliance at Specialist Risk Group, said insurers should expect to show how they are ensuring they provide fair value for customers.

She said: “The FCA are very focused on saying it [Consumer Duty] is not one and done. That, for any organisation, means you have to continually evolve your interpretation of the data you are getting out of your business.”

David Sparkes, regulation director of the British Insurance Brokers' Association, agreed that having evidence to “show your workings” was important if the regulator comes calling to check on Consumer Duty compliance.

The trio, accompanied by Matthew Connell, director of policy and public affairs at the Chartered Insurance Institute, also contemplate whether a crackdown on broker commission be on the cards due to concerns about multiple occupancy buildings insurance and how the regulator will have to prove it is achieving its competitiveness objective.

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