FCA Compliance

Following a review of Consumer Duty implementation plans the FCA has highlighted 3 key areas firms may need to reconsider. What does your insurance firm need to know to remain compliant?  

Inclusive design aims to remove barriers for as many people as possible, not just those with protected characteristics or characteristics of vulnerability. Why is it important for insurance firms to improve accessibility by implementing inclusive design practices throughout their products and services?

A key aspect of the FCA's Consumer Duty is the requirement for firms to monitor and assess consumer outcomes. What information can firms use and how can data archiving help?

Training and competency is a requirement for insurance firms but do brokers really understand what it means to be competent?

In an effort to strengthen the security of the data it receives, the FCA have announced the introduction of multifactor authentication for many of its systems. What will firms need to do?

The new rules under the Appointed Representative regime require principal firms to provide the regulator with more information on their ARs and IARs. What must firms submit under the regulator’s recent data request?

We recently looked at how the price and value outcome of the FCA’s new Consumer Duty requires firms to ensure their clients receive fair value and what fair value really means. But how can firms assess the value of their products and services?

The FCA has issued a warning against undervaluing items when settling claims, especially at a time where more consumers are being affected by the rising cost of living.  

The FCA’s Sheldon Mills recently wrote that ‘firms must take immediate action to make sure they support customers now and in the challenging months ahead’, but how can insurance brokers ensure their clients are supported through these difficult financial times?

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