Consumer Duty

The Financial Conduct Authority (FCA) has set clear expectations for brokers to assess and demonstrate the value of their offerings. But what does this entail, and why is it becoming so challenging when, as a sector, the general insurance market has been expected to have this nailed by now?

Consumer group Which? has called for the Financial Conduct Authority (FCA) to step in following its recent report, which revealed that pay-monthly customers were still facing higher insurance costs. 

Understanding and supporting vulnerable customers is crucial in the insurance industry. It's essential to be able to recognise the characteristics and drivers of vulnerability to ensure fair treatment and appropriate support. This article examines the key principles and strategies to engage with and assist potentially vulnerable individuals.

Neurodiversity encompasses a wide range of neurological differences, including dyslexia, dyspraxia, autism, and ADHD, among others. While these differences bring unique perspectives and talents to the table, they also present distinct challenges, especially in managing finances.

The FCA recently published a blog written by Joanna Legg, FCA Head of Consumer Policy & Outcomes, calling for more collaboration across the financial services sector in improving the outcomes of victims of domestic and financial abuse. This article looks at the ways in which the insurance industry could play an important part in detecting abuse, providing support to victims, and securing better consumer outcomes.  

The FCA has set out a programme of work for the final year of its 3-year strategy.  The planned programme of work builds on progress made over recent years to become a “more outcomes-based, assertive and data-led regulator”.

Diversity and inclusion are central to firms’ roles as businesses and employers. The regulators have been taking increasing steps to enhance diversity and inclusion within the financial sector. What can small businesses do to improve measures for diversity and inclusion?

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 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.