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Outcomes monitoring and Board reporting under the Consumer Duty – the FCA’s Insurance multi-firm review – Part two
The detailed ‘Consumer Duty-specific’ findings in the FCA’s recent report published on its website sets out the key findings from its December 2023 review of larger insurance firms’ approaches to outcomes monitoring under the Consumer Duty (‘the Duty’). For…
Outcomes monitoring and Board reporting under the Consumer Duty – the FCA’s Insurance multi-firm review – Part one
Under the Consumer Duty firms must regularly assess, test, understand and evidence the outcomes their customers are receiving. Without this, it will be impossible for firms to know that they are meeting the requirements set out in the Duty. The FCA…
Conflicts of interest for insurance intermediaries
In a ‘Consumer Duty’ regulatory world, conflicts of interest remain at the heart of Principle 12 (the ‘Consumer Principle’), the Duty’s three cross-cutting Rules, and Principle 8 (managing conflicts of interest fairly, both between the firm and…
Chartered Insurance Institute advises against a ‘one-size-fits-all’ approach to DE&I
In a recent webinar on ‘Crafting EDI strategies in an evolving regulatory landscape’, formed in collaboration with the Association of British Insurers (ABI), Dr Matthew Connell, Director of Policy and Public Affairs at the CII addressed criticism faced by the…
FCA publishes Insurance multi-firm review of outcomes monitoring under the Consumer Duty
The FCA has published the details of a multi-firm review it carried out in December 2023 amongst twenty large insurance firms, including general insurers, life insurers, insurance intermediaries and regulated third-party outsourcers which service insurers. In…
FCA publishes information for Principals with overseas Appointed Representatives
The FCA has published a page for Principal firms with Overseas Appointed Representatives (OARs). The information covers additional challenges that Principals may face, and outlines expectations and practical considerations for overseeing OARs. Feedback to…
