The FCA issues a 'Dear CEO' consumer duty letter to general insurance and pure protection firms
The FCA has issued a ‘Dear CEO’ letter to general insurance and pure protection sector firms as part of its promised sector-specific publication of information and assistance in relation to the Consumer Duty. The letter sets out: a reminder of the…
FCA publishes results of a review of consumer duty implementation plans and updates its consumer duty 'information for firms' web page
The FCA has announced the publication of a new web page outlining the results of a review it has undertaken of some larger firms’ Consumer Duty implementation plans. The firms in the sample have a dedicated FCA supervision team and which primarily operate in…
Delivering your Consumer Duty implementation plans
By the end of October 2022, firms should have reviewed, challenged and agreed their plans for implementing the Consumer Duty, ensuring that they were robust and deliverable, and should now be well on the way to putting those plans into practice and embedding…
HM Government: Department for levelling up, housing and communities (DLUHC) responds to the FCA's report about the buildings insurance market for multi-occupancy residential buildings
The DLUHC has published a further letter to the FCA from the Secretary of State, Michael Gove, setting out his response to the FCA’s September 2022 report about the multiple-occupancy residential buildings insurance market. The letter acknowledges the FCA’s…
Evidence to support GI pricing reporting and the senior manager attestation
Following the March 2022 general insurance (GI) pricing senior manager attestations, the FCA carried out follow-up work that involved contacting firms and asking for sight of the evidence and management information (MI) that they had considered to enable them…
Relevance to AR Principals of the recent FCA CMC Portfolio Letter
The FCA has sent a letter to Claims Management Companies (CMCs) which, although not as hard-line as their similar October 2020 Portfolio Letter, provides a window into the FCA’s current focus on unregulated activity. Firms should understand the reasons for…