Ensuring Fair Product Value with an Insurance Fair Value Assessment
As part of the product approval process, manufacturers (insurers) of insurance products must determine whether the products they bring to the market offer fair value, and perform a fair value assessment. The Financial Conduct Authority (FCA) defines fair value…
FCA Consultation on Consumer Credit Regulatory Returns - CP24/19
The FCA is consulting (CP24/19) on proposals to issue a new regulatory reporting return (CCR009) which will capture firms with a credit broking Permission, and which will also impact firms which carry on the regulated activities of debt adjusting, debt…
FCA publishes a speech calling for a change in mindset on financial inclusion
The FCA has published a speech, delivered by Nikhil Rathi, FCA Chief Executive, on 19th September 2024, at StepChange Connected 2024 at the Aspire building in Leeds. Rathi noted that the building was previously Yorkshire Penny Bank Head Office, a bank founded…
FCA publishes a ‘Price and Value Outcome: Good and Poor Practice’ update
The FCA has published a web page regarding insights from the first year of the implementation of the price and value outcome under the Consumer Duty, which is intended to help firms improve the way they think about fair value assessments. For the general…
FCA Thematic Review TR24/2: product oversight and governance – overview, distributors and manufacturers
Following a review of general insurance (GI) and pure protection (PP) manufacturers’ and distributors’ product oversight and governance arrangements, the FCA has published a Thematic Review – TR24/2 – “Product Oversight and Governance thematic review – General…
FCA publishes Consultation Paper regarding Consumer Credit Regulatory Returns
The FCA has published a consultation paper regarding consumer credit reporting. The FCA wants to improve the information it collects from firms, so that it can better understand firms’ consumer credit activities. The proposed return will ask firms for much…