by Kenneth Underhill | Sep 26, 2023 | Consumer Duty, Fair value, FCA
There was yet another warning shot fired by the FCA with the release of the latest general insurance value measures data on 20th September. The warning covered both a failure to comply with the rules around offering Fair Value as required by PROD 4 and a failure to...
by Natalie Dick | Jul 11, 2023 | Compliance, Consumer Duty, FCA, Insurers
With less than one month to go for the Consumer Duty Implementation, the financial service industry has been working hard to progress and implement frameworks to demonstrate compliance with the new requirements. Many firms have been well engaged and are either...
by Kenneth Underhill | May 16, 2023 | Compliance, Consumer Duty, Fair value, Insurers
ICSR is delighted to announce it has entered into a formal collaboration with VisRisk, allowing it to offer clients access to a Fair Value Assessment toolkit that streamlines processes and provides a full evidence trail of the work performed on fair value compliance....
by Kenneth Underhill | Apr 25, 2023 | Consumer Duty, Culture, Environmental Social and Governance, FCA, Financial Crime, Operational Resilience, Product Governance, Senior Managers and Certification Regime, Vulnerable customers
The FCA Business Plan sets the regulatory agenda for regulated insurance firms in the coming 12 months. Released on 5th April 2023, the current plan has a strong focus on the way the FCA uses the Threshold Conditions to instil confidence in consumers. For 2023/4 there...
by Andrew Carrick | Jan 23, 2023 | Consumer Duty, Coronavirus, FCA
The Financial Conduct Authority has published a new consultation paper CP23/1, entitled “Insurance guidance for the support of customers in financial difficulty”. In simple terms, what was a focussed piece of guidance driven by the need to respond to the social issues...
by Kenneth Underhill | Sep 28, 2022 | Compliance, Consumer Duty, FCA, ICSR News, Product Governance
A Warning Shot Across The Bows, Or The Opening Salvo From The Regulator? The FCA has updated insurance firms on its plans for addressing the issues that it has been investigating around the placement of insurance for multi-occupancy buildings following an intervention...