FCA GI Consumer Duty and Multi-Occupancy update

Consumer Duty has been live for over six months now, and the FCA has urged firms to get on with it! Sheldon Mills, Executive Director of Consumers and Competition, warned that firms who ignore it or who pose the most harm can expect swift action.

“Our supervisory and enforcement approach will be proportionate to the harm - or risk of harm - to consumers, with a sharp focus on outcomes. We will prioritise the most serious breaches and act swiftly and assertively where we find evidence of harm or risk of harm to consumers. In some cases, firms can expect us to take robust action, such as interventions or investigations, along with possible disciplinary sanctions.”

With 52 million financial services consumers in the UK relying on our sector to deliver good outcomes, they should be even better protected from harm, particularly in these challenging economic times. The Duty means that consumers should receive communications they can understand, products and services that meet their needs/provide evidenced fair value, and get the customer support they need, when they need it.

The current cost of living squeeze makes it all the more vital consumers get fair value, and this should also benefit the competitiveness of the industry as firms strive to offer the best to compete for customers.

Market-wide portfolio letters were sent on 20 September 2023 highlighting key areas required for improvement across personal/commercial/wholesale lines and their contents will be part of the talk.

During this webinar, Branko will also cover the new rules on multi-occupancy insurances that came into effect from 1 January 2024 following intervention by the government – these new rules will impact 5 million leaseholders who will be defined as stakeholders and firms will have to act in their best interests and no commission sharing will be allowed with PMAs unless clear value to the leaseholder is evidenced. Insurers and brokers will also need to provide more information about policies to leaseholders, including details of all remuneration and placement.

In addition Branko will cover the Leasehold and Freehold Reform Bill which will see the ban of commission sharing, plus what insurers have been doing to implement these rules.

Online Booking
To reserve your place, please use our online booking system by clicking on the Book Now button below.

The session will be run using Zoom technology and a link to the meeting will be sent to those who register at the time of booking.

Please note that this session will only be available live as it is not being recorded.

Learning Objectives
By the end of this update you will gain an overview of:-

• where we are 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

• new rules on multi-occupancy insurances and the ramifications of this for insurers and brokers alike

About our Speaker
Branko 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 working closely with AMII, BIBA and the CII. He has provided hundreds of well-received (even entertaining!) talks. 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 in 2021. He is proud to judge various insurance awards and is always being approached for commentary and analysis.

Branko has been a regular speaker at virtually all of the CII’s local institutes and since the world went virtual, he has provided over 200+ events to more than 15,000 insurance professionals and feedback has been superb.

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