Insurance Brokers

As the FCA continue to express concern over financial promotions and communications and closely monitor material, firms should ensure that they comply with regulations, notably the Consumer Duty, during marketing and communication activities.

The FCA has announced that multiple insurance firms have agreed to suspend the sale of Guaranteed Asset Protection (GAP) insurance following a request from regulator.

The FCA and Practitioner Panel joint survey will be sent to a sample of regulated firms to gather feedback on how the industry is regulated.

 

The FCA consults on its work with six independent statutory panels, which are integral to developing FCA policies and other regulatory decisions. Statutory panels represent the interests of consumers and practitioners, including smaller regulated firms and financial market participants.  In responding to the annual reports of these six panels, the FCA has addressed some general themes.

In this article, Alastair Haughton discusses the challenges, considerations, and value of training in providing value to customers for the year ahead. 

A recent arbitration case has highlighted the importance of insurance intermediaries understanding, and adhering to, contractual terms and conditions, particularly where policyholders pay for their insurance through premium finance or credit agreements.

The FCA has published a web page setting out its intentions to intervene again in the motor finance market and has published a Policy Statement regarding temporary changes to handling rules for motor finance complaints.

The FCA has published a recording and transcript of its December 2023 webinar on the next steps for the Consumer Duty.

The FCA has highlighted its biggest milestones and achievements over the last 12 months, including its introduction of the Consumer Duty.

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