by Palak Bedi | Aug 12, 2022 | Compliance, FCA, Product Governance
In May 2021, the Financial Conduct Authority (FCA) released the final rules on insurance pricing and enhanced product governance (updated in Policy Statement 21-11), which came into force in October 2021. These rules aim to improve competition and ensure that firms...
by Kenneth Underhill | Aug 7, 2022 | Compliance, Consumer Duty, FCA, Product Governance
Last week, the FCA published its ‘final’ rules on the way principal firms oversee the activities of Appointed Representatives (ARs) and Introducer Appointed Representatives (IARs). These rules reflect the perimeter of the FCA’s current legislative remit, whilst also...
by Kenneth Underhill | Jul 29, 2022 | Compliance, Consumer Duty, FCA, Product Governance
The new Consumer Duty rules set a high bar for firms in the way they manufacture, sell and service insurance products to retail consumers. The FCA are seeking to create a baseline standard that will ensure innovation and competition exists in the interests of the...
by Craig Umbleja | Mar 11, 2022 | Compliance, FCA, Product Governance
The FCA have started to gather information on the way in which insurance for multi-occupancy buildings is negotiated, placed and managed. Seemingly triggered by the significant increases in risk premium that result from the cladding scandal that followed the Grenfell...
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...