FCA starts to issue GI Pricing Attestation e-mails

January 2022

General insurance firms and premium finance providers have started to receive e-mails from the FCA in relation to the first General Insurance Pricing Practices Senior Manager Attestation.  The e-mail is marked for the attention of the Senior Manager attesting compliance with the Pricing Rules under ICOBS 6B or notifying that the Pricing Rules do not apply.

As previously confirmed, the e-mail contains a link to the Attestation which firms must complete via the Qualtrics survey tool by 31st March 2022.  If firms do not carry out any pricing activities as described in ICOBS 6B.1.1R, they are requested to provide a nil response.  If firms set the price for any of the items noted in the e-mail, they are required to attest whether they have complied with the ICOBS 6B pricing rules.

The FCA is using Qualtrics for this first attestation only. All subsequent attestations will be conducted using Reg Data.  If helpful, firms can view a PDF version of the attestation here prior to completing it, but please note that the FCA cannot accept a PDF/printed response.

Firms should review and understand the draft wordings of the Attestation and, if they are unsure about the implications of completing the attestation, contact us for guidance.  The FCA has also said that, if firms have any questions, they can make contact at GIPricingPractices@fca.org.uk.

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