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May 2, 2024
In March 2023, the FCA began a thematic review assessing insurance manufacturers’ and distributors’ product oversight and governance arrangements, and whether firms are meeting their obligations and the FCA’s expectations.
The FCA found shortcomings in product governance arrangements, fair value assessments and management information. The FCA described these shortcomings as ‘disappointing’ given its focus and emphasis on firms’ obligations to ensure their products deliver fair value to customers.
On 23rd February 2024, Matt Brewis, Director, Insurance at the FCA, wrote to insurance manufacturers setting out the FCA’s key observations and concerns. The aim of the letter was primarily to ensure that product manufacturers acted swiftly to address the findings, but there are also messages for product distributors.
ICS can help; contact us if you require any assistance with your product oversight and governance arrangements - one of the four key required outcomes under the Consumer Duty.
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