Over recent years, culture has become fundamental to the FCA’s regulatory approach. Where senior managers embody a responsible, compliant culture, better behaviours and better outcomes are encouraged – but what does this look like in practice?
General Insurance Pricing Practices Policy Statement Published
The FCA has published its long awaited General Insurance Pricing Practices Policy Statement, all 200+ pages of it. It represents one of the biggest regulatory changes in years. John King explains what this means for insurance brokers.
Customer Vulnerability: Why Diversity and Inclusion Helps
How can a diverse and inclusive organisational culture help firms understand the needs of vulnerable customers and deliver business benefit?
FCA Extend Implementation Period for Proposed General Insurance Pricing Practices Rules
The FCA’s consultation into general insurance pricing practices has now closed. Based on feedback received, the regulator will extend the implementation period should new rules be introduced.
General Insurance Pricing Practices Consultation Closes
The FCA’s consultation on General Insurance Pricing Practices has closed. Kirk Ford looks ahead to the next steps and what this may mean for insurance brokers.
Supreme Court Rules in Covid-19 Business Interruption Test Case
The Supreme Court has ruled in the Covid-19 Business Interruption test case. The decision provides definitive guidance on the operation of business interruption insurance policies. What does this mean for insurance brokers?
FOS Propose to Increase Fees
In December, the Financial Ombudsman Service (FOS) published its public consultation on its proposed plans and budget for 2021/22. The consultation highlights the challenges the FOS has experienced and how Covid-19 has impacted its work and plans for the next two years.
FCA Consults on Draft Guidance on Proving the Presence of Covid-19
The FCA is launching a short consultation on guidance to help policyholders, insurance intermediaries and insurers judge how the presence of Covid-19, in a particular area, can be proved. The guidance will be launched as quickly as possible once the Supreme Court has made its binding judgement in the regulator’s business interruption insurance test case.
Have you carried out a product value review?
The impact of the Covid-19 pandemic has been wide reaching and, in many cases, has had a material impact on the value of the insurance products taken out by customers. By now, firms are expected to have carried out an assessment into product value.