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.
As the FCA revisits rules for the commercial insurance sector, how should firms strike the right balance between regulatory compliance and market competitiveness?
The FCA’s latest review on Politically Exposed Persons (PEPs) underscores an urgent need for firms to reassess their risk management practices. With findings pointing to significant gaps and upcoming guidance changes, it’s crucial for compliance professionals to ensure their systems are aligned with regulatory expectations. Discover what the FCA’s review means for you.
On 26 June 2024 the FCA published its findings from a multi-firm review focused on outcomes monitoring by larger insurance firms. This review highlights significant areas where firms must improve to ensure they are delivering good outcomes for retail customers. With the FCA emphasising the importance of robust outcomes monitoring, insurance firms should carefully examine these findings to identify any gaps in their current practices and consider implementing the good practices identified by the FCA.
The FCA has recently published key harms and drivers of harms caused by Appointed Representatives (ARs) that undertake credit broking.
With the FCA promising to focus attention on oversight of ARs for all sectors, all Principal Firms should take note of these findings and address any gaps or shortcomings in their approach to AR oversight, or indeed, consider whether any of the good practices identified could be implemented within their frameworks.
Since joining Padda Consulting in January, Ali has rekindled her passion for the insurance sector, thriving in a collaborative and dynamic environment. Dive into “A Day in the Life” of Ali Dove, to find out what a workday looks like at Padda.
The discussion surrounding merit and diversity often pits one against the other. By reframing perceptions and adopting a more positive narrative we can drive more change towards inclusivity.
The Prudential Regulation Authority (PRA) has issued a far ranging consultation paper that is set to have a major impact for insurance firms. To help you get on top of the details and understand what’s required we’ve put together this helpful explanation of the new expectations and the steps insurers need to take.
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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