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...
by Kenneth Underhill | May 15, 2020 | Coronavirus, FCA, Governance, Operational Resilience, Product Governance
Introduction Risk management is at the heart of insurance. The purpose of the insurance industry is to assist customers, to help them mitigate the risks that they or their businesses face which might cause significant or irreparable financial damage or loss. Whether...
by Kenneth Underhill | Apr 29, 2020 | Coronavirus, FCA, Governance, Insurance Distribution Directive, Lloyd's, Operational Resilience, Product Governance, Prudential Regulation Authority, Senior Managers and Certification Regime
Contents: The Short Term The Long term Risk Management Governance Product Governance and Underwriting Capital Modelling Operational Resilience Recovery and Resolution Planning Economic Climate Summary: A Market Solution Introduction The current coronavirus pandemic,...