by Andrew Carrick | Jan 23, 2023 | Consumer Duty, Coronavirus, FCA
The Financial Conduct Authority has published a new consultation paper CP23/1, entitled “Insurance guidance for the support of customers in financial difficulty”. In simple terms, what was a focussed piece of guidance driven by the need to respond to the social issues...
by Kenneth Underhill | Feb 4, 2021 | Coronavirus, FCA, Prudential Regulation Authority
The outcome of the test case brought by the FCA on behalf of policyholders holding insurance with 8 insurers has been well reported by the insurance and legal profession. Our interest is not in reviewing the basis of the judgement, nor in discussing the merits of the...
by Kenneth Underhill | Dec 10, 2020 | Coronavirus, FCA, Product Governance
I wrote an article just over a month ago titled “Product Governance: Not just a pandemic process”. The message that product governance is the issue, not the pandemic, has been a strong theme in virtually all of the FCA communications on product value over the last 9...
by Nicky Hasler | Nov 2, 2020 | Coronavirus, FCA, Vulnerable customers
The FCA have provided guidance on the measures they expect firms who offer insurance and premium finance to take as part of the support package provided to customers experiencing financial difficulties because of coronavirus.This guidance includes only very minor...
by Kenneth Underhill | Jun 29, 2020 | Coronavirus, FCA, Governance, Operational Resilience
The FCA recently issued guidance on appropriate financial resources for all solo regulated firms, i.e. insurance brokers, claims management firms and MGAs in the insurance sector. FG20/1 is designed to provide guidance to firms on the FCA’s expectations about how...
by Craig Umbleja | Jun 10, 2020 | Coronavirus, Culture, FCA, Product Governance
The FCA released guidance last week that instructed insurance firms to assess the impact of Covid-19 on the value of their insurance products. Whilst it would be easy to see this as simply another obligation in the process of achieving regulatory compliance, our view...
