Posts Tagged
‘“Regulation”’

Discover the essential steps to keep your firm’s details current with the FCA, including annual attestations and ongoing updates, to avoid penalties and stay compliant.

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.

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.

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.