What the FCA propose to do to address the General Insurance Pricing and Product value concerns

General Insurance firms of all sizes and for Senior Managers, Executive Board Directors, Non-Executive Directors, Risk/Compliance staff, Operational staff and individuals who have responsibility for strategic planning, pricing/actuarial and sales & marketing within the firm.

This webinar will give you an opportunity to learn more about the FCA’s long awaited reforms to address pricing and product value concerns, so that you can start to consider their full impact on your firm’s business model.

The FCA recently published a consultation paper (CP20/19) on GI pricing practices remedies containing a ‘package of remedies’ to address what it sees as the issues identified in its GI pricing practices market study final report. The regulator anticipates these remedies will ensure firms provide fair value to all their customers, and will see an end to higher prices currently paid by some long-standing customers.

• A ban on differential pricing between new and existing customers
• Enabling customers to cancel auto-renewal policies more easily
• Extending current product governance rules to existing products
• Constraining firms’ ability to use price optimisation techniques when setting prices

The FCA also proposes introducing additional reporting requirements by firms in respect of pricing, and an annual attestation by senior managers on compliance with the new regime. It is therefore essential that Senior Managers and relevant staff start to engage with the FCA’s proposed reforms in order to think about how they will need to act to be ready for implementation in Q2 2021.

This session will raise awareness to the remedies proposed by the FCA to reform pricing and product value practices in the General Insurance market.

It will give you an overview of the FCA’s proposals and intended rule changes so that you can consider the effect of these on your firm’s business model.

By the end of the session, delegates will have a better understanding of:

• Why FCA CP20/19 has been issued to address GI pricing and product value concerns
• the FCA’s proposed reforms
• What your firm needs to start considering
• The consequences of not taking this seriously

Adrian Golifer Consultant at Create Solutions Ltd – The Specialist Training and Compliance Company for the General insurance industry.

Adrian has over 30 years’ experience in financial services compliance, risk management and regulation and in that time worked for the FCA for many years supervising an extensive range of firms including those in the General insurance industry and also has first-hand experience of consumer credit and claims management firms.

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