Webinar: FCA General Insurance - Consumer Duty and Update
The FCA has 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." A recent 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).
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