‘Dear CEO’ letter sends a warning to GI firms on compliance

January 2020

The FCA has sent a ‘Dear CEO’ letter to general insurance firms warning that they need to significantly improve their governance and operational controls, including how they proactively engage with, plan for and implement relevant regulatory changes.  The letter sets out what the regulator sees as the key risks Personal Lines & Commercial Lines firms could pose to consumers and the markets in which they operate. The implementation of regulatory changes, such as those introduced through the Insurance Distribution Directive (IDD), is seen as fundamental to ensuring the GI market treats consumers fairly and that consumers have products that meet their needs. Firms can therefore expect a more intense regulatory focus on conduct and consumer outcomes in the coming months.

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