‘Dear CEO’ letters have been sent out to insurers with a warning for firms to take more action to ensure good outcomes for consumers.
RAAC’ing up the cost: Insurance sector responds as RAAC crisis continues
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 True Cost of Insurance Fraud: Understanding the Impact on Consumers and the Industry
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.
Inside FCA Podcast: Fraud and Financial Crime
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.
How Social Media Personalities are Shaping the Future of Financial Promotions
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.
The Role of AI in Detecting Insurance Fraud
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.
FCA publishes a customer-facing Consumer Duty page
The FCA has published a customer-focused web page announcing the implementation of the new Consumer Duty.
The Consumer Duty is here – Are firms prepared?
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.
FCA Consulting on Guidance for Financial Promotions on Social Media
The FCA is carrying out additional work to revamp existing guidance on tackling illegal and non-complaint financial promotions on social media platforms.