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FCA speech at its ‘Consumer Duty: One year on’ webinar
At its “Consumer Duty: One year on” webinar, Sheldon Mills, FCA Executive Director of consumers and competition, delivered a speech reflecting on the first year of Consumer Duty. In considering the impact of the Duty to date, the FCA welcomes the improvements…
What is the reality of getting an Appointed Representative application across the line with the FCA?
Many clients request assistance from ICS in getting an application for a new Appointed Representative (AR) over the line. The AR model can be hugely beneficial if it is operated correctly, for applicants who are starting out and not quite ready to be fully…
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…
