Online Event - FCA’s NEW GI Pricing Practices, Product Governance and Product Value

The Insurance Institute of Cardiff invite you to an online event - FCA's NEW GI Pricing Practices, Product Governance and Product Value

Event Details:

Friday 30^th July 2021 10:00 - 11:00 am

The webinar will be run via Zoom, a global web-conferencing solution. Zoom is easy to use, a link and joining instructions will be sent to you prior to the webinar.

About the session:

The FCA has published the long-awaited policy statement General insurance pricing practices market study - Feedback to CP20/19 and final rules (PS21/5). These wide-ranging rules address what has been described as the 'loyalty penalty' paid by existing general insurance product customers and aim to ensure that customers receive fair value in the insurance products they buy.

The rules introduce a package of market remedies which include:-

• A requirement that when a firm offers a renewal price to a customer it can be no greater than the equivalent new business price for a new customer;
• Additional product governance rules that require firms to have processes in place to deliver products that offer fair value to customers with these new processes applying to all general insurance products and this will include onerous considerations in respect of distribution and remuneration arrangements;
• Rules to enable firms to offer accessible and easy options for customers wishing to cancel auto-renewal;
• Detailed reporting requirements to support the ongoing supervision of the home and motor insurance markets (to include reporting by intermediaries on premium finance and fees/charges that are levied).

The rules relating to systems and controls, product governance and premium finance come into effect on 1 October 2021. The rules on pricing, auto-renewal and reporting will come into effect on 1 January 2022, with a transitional provision (until 17 January) for the rules on pricing and auto-renewal disclosure.

About the speaker:

Branko Bjelobaba FCII started his insurance career in 1987 and has worked across the sector including stints at PwC and GISC and has led his own consultancy practice since 2004. He works closely with AMII (retained compliance consultant since 2004), BIBA and the CII and has provided hundreds of well-received (even entertaining!) training events throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the CII Public Trust Awards 2021.

Learning Objectives

The new rules to end 'price walking' whereby existing customers pay more than new customers;

• What significant changes to internal policies that have to be made;
• What product governance arrangements will be including existing distribution arrangements;
• Above all, an understanding of "value" when it comes to all forms of general insurance.
• It is relevant to anyone in GI to include brokers and insurers and anyone with an interest in this area.

Further information.

A link will be sent via your email address supplied at the time of booking. PLEASE DO NOT share this with anyone else.

Please note that this webinar will be hosted on the Zoom platform which may be restricted by some employers. Members may need to utilise their own personal devices in these circumstances to access the platform.

To view our image and video capture consent statement, please click here.