WEBINAR with Branko: FCA GI Consumer Duty, Premium Finance and Multi-Occupancy update

FCA GI Consumer Duty, Premium Finance and Multi-Occupancy update

We’ve had Consumer Duty for a year and firms will have completed their first annual board reports.

On 21 August 2024 the FCA published a Thematic Review (TR24/2) where they said:-

“Insurers need to make sure their customers are getting fair value. Progress is being made, but we are still seeing too many examples of insurers and brokers lacking the right information, governance, or oversight to ensure their customers get consistently good outcomes. All insurance firms should take note of our findings and make improvements where appropriate. We’ll continue to take action where we see poor value so consumers can have confidence when buying insurance products.”

The session will also provide and update on fair value assessments to include what makes up broker commissions and how to ensure broker costs are fully understood and a further update on where we are with premium finance and whether commissions need to be disclosed and consent sought from clients.

We will also look at the rules on multi-occupancy buildings insurances that impact over 5 million leaseholders who are defined as stakeholders and firms have to also act in their best interests. Insurers and brokers have to provide information about policies to leaseholders, including details of all remuneration and placement. We will also look at the what the new Leasehold and Freehold Reform Act will mean when it comes to a commission sharing ban.

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

• Where are we with Consumer Duty and what you should have done;
• Current issues when it comes to general insurance:-
• Key aspects of the product governance rule to include product value assessments and challenges to fair value incl broker fees/charges/add-ons and premium finance;
• Rules on multi-occupancy buildings insurance and the ramifications of this for insurers and brokers alike to include the L&FR Act and the AJG Tribunal decision;
• Class action on behalf of leaseholders – does my firm have anything to fear?

Speaker bio

I started my insurance career in 1987 and have worked across the sector including stints at PwC and GISC and have led my own consultancy practice since 2004 working closely with AMII, BIBA and the CII and have provided hundreds of well-received (even entertaining!) talks. I am 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 in 2021. I am proud to judge various insurance awards and am always being approached for engaging commentary and analysis.

I have been a regular speaker at virtually all of the CII’s local institutes and have provided over hundreds of events to thousands of insurance professionals and feedback has always been superb:-

“Personally I thought it was a fantastically informative session and the way you brought it to life was incredible. This could have been a very challenging topic to engage an audience of over 70 people on and it was anything but!” Adam Ross FCII, The Insurance Institute of London.

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