In August, the FCA released its 2023 general insurance value measures data, revealing key insights into the proportionality of claims costs and premiums across various insurance products. With a focus on fair value, firms must assess their compliance with PROD 4 and ensure that their pricing and distribution frameworks align with regulatory expectations to avoid potential risks of harm.
The FCA’s upcoming market study raises concerns about competition, product value, and commission arrangements in the pure protection market. We outline the critical areas where insurers and intermediaries need to enhance oversight and ensure good outcomes for policyholders.
The FCA’s thematic review highlights significant gaps in Product Governance: We highlight the key areas for Insurers and Distributors to strengthen oversight and compliance.
Padda Consulting is a London based compliance consultancy, focused on helping the insurance industry maintain and achieve regulatory compliance. We work with firms of all sizes, worldwide, our clients include but are not limited to brokers, insurers, Lloyd’s of London syndicates, MGA’s and Coverholders.
At Padda Consulting everything is informed by our three core principles: commitment, collaboration and consultancy.
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