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June 25, 2025
The FCA has announced that it will simplify its insurance rules, publishing Consultation Paper CP25/12. The Regulator plans to strip outdated or duplicated requirements from its insurance rulebook, having asked what improvements it could make.
The Consultation comes following the FCA’s commitment to withdraw over 100 pages of outdated guidance in a bid to streamline its rules, and its July 2024 Discussion Paper DP24/1: “The Regulation of Commercial and Bespoke Insurance Business” to which it received 40 responses.
The Consultation proposals have also been informed by the FCA’s recent review of its requirements following the introduction of the Consumer Duty and by its work on a Smarter Regulatory Framework. We urge all insurance firms to read this Consultation.
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