by Kenneth Underhill | Dec 10, 2020 | Coronavirus, FCA, Product Governance
I wrote an article just over a month ago titled “Product Governance: Not just a pandemic process”. The message that product governance is the issue, not the pandemic, has been a strong theme in virtually all of the FCA communications on product value over the last 9...
by Kenneth Underhill | Nov 9, 2020 | Culture, FCA, Governance, Pricing, Product Governance, Senior Managers and Certification Regime, Vulnerable customers
Amongst many new obligations placed on insurers and insurance brokers by the FCA, as it grapples with meeting its objective of preventing harm to consumers resulting from the coronavirus pandemic, is a requirement that product manufacturers review the value that their...
by Craig Umbleja | Oct 21, 2020 | Culture, FCA, Product Governance, Vulnerable customers
Following closure of the consultation period for the FCA Consultation Paper GC20/3 “Guidance for firms on the fair treatment of vulnerable customers” we look at the key issues for firms as they start preparing for the Policy Statement expected at the end of this year...
by Kenneth Underhill | Oct 15, 2020 | FCA, Pricing, Product Governance, Senior Managers and Certification Regime
Price walking has dominated the headlines as the FCA, CMA and Citizens Advice have all talked about the risks of consumer harm arising from ‘general insurance pricing practices’ that have often treated new and existing customers very differently. The reality of the...
by Craig Umbleja | Jun 10, 2020 | Coronavirus, Culture, FCA, Product Governance
The FCA released guidance last week that instructed insurance firms to assess the impact of Covid-19 on the value of their insurance products. Whilst it would be easy to see this as simply another obligation in the process of achieving regulatory compliance, our view...
by Justin Ward | May 28, 2020 | Culture, FCA, Product Governance, Prudential Regulation Authority, Senior Managers and Certification Regime
As Peter Drucker a lecturer from Colombia University said “Culture is the way we do things around here”. With the FCA and PRA expecting insurance firms to focus on culture as the next big step beyond TCF and Conduct risk, setting the right culture and...
