Insurance Compliance

‘Dear CEO’ letters have been sent out to insurers with a warning for firms to take more action to ensure good outcomes for consumers.

Following the recent safety concerns and increased news coverage on buildings containing Reinforced Autoclaved Aerated Concrete (RAAC), this article explores the wider implications for the insurance sector. 

The Association of British Insurers (ABI) has reported a slight decline in the number of insurance scams being committed, however, it has warned that the value of insurance fraud has increased as criminals become more ambitious.

The FCA has released a podcast interview with Director of Specialists Emad Aladhal. This article examines the FCA’s expectations of firms regarding fraud prevention and how the advancement of AI has impacted the industry. 

Platforms like Instagram and TikTok are the last places most of us would look to seek personal financial advice. However, the FCA has been observing a rise in the popularity of "finfluencers" promoting financial products and services and how it may pose as a potential risk for consumer harm. 

With the FCA publishing a reminder for consumers to be aware of fraud over the summer holidays, we examine how the use of AI is being used to detect cases of insurance fraud.

The FCA has published a customer-focused web page announcing the implementation of the new Consumer Duty.  

As of 31 July 2023, the Consumer Duty is now in force. The FCA is expecting initiatives for improvement to come from the highest levels and will hold companies, including senior executives and boards, responsible for ensuring positive outcomes for consumers.

The FCA is carrying out additional work to revamp existing guidance on tackling illegal and non-complaint financial promotions on social media platforms.