FCA GI Consumer Duty and Update

FCA GI Consumer Duty and update

On 25^th January 2023 the FCA made it clear that "some firms may be further behind in their thinking and planning for the Duty. This brings a risk that they may not be ready in time, or they may struggle to embed the Duty effectively throughout their business." Their review highlighted three key areas where firms should particularly focus their attention during the second half of the implementation period (to 31 July 2023):-

1) Effective prioritisation;

2) Embedding the substantive requirements;

3) Working with other firms (many firms need to work and share information with other firms in the distribution chain but some plans gave little focus to this area).

This General Insurance focused session will also include an update on Product Value Assessments (note the FCA criticised insurers for their lack of progress with this). Both brokers and insurers have an important role to play and this session will ensure you understand what it is you have to do and what changes need to happen in year two of the process to ensure it all gets done.

We will also cover the current position on multi-occupancy insurances following intervention by the government and an update on the FCA’s work on Appointed Representatives.

Learning objectives - by the end of this update you will gain an overview of:-

• What is the new Consumer Duty and what will you have to do;
• A reminder as to current issues when it comes to general insurance:-
• Key aspects of the product governance rule to include product value assessments;
• Present position on multi-occupancy insurances and the ramifications of this for insurers and brokers alike.
• Update on what is needed where Appointed Representatives are concerned.

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