FCA Sends Email Reminder about REP019 General Insurance Value Measures Report

The FCA has sent an email to insurance firms reminding them about the REP019 General Insurance Value Measures Report.

The new RegData return has been added to a firm’s reporting schedule as a result of new rules relating to insurer ‘value measures reporting’ for most consumer insurance products.

For most insurance intermediaries, the REP019 report will be a simple ‘nil’ return, because it is only relevant to an intermediary where that intermediary:

  • is distributing a product line that is underwritten by a non-admitted insurer (broadly, an insurer that is not listed on the Financial Services Register); and
  • has 3,000 or more policies in force in any given category in the reporting period AND has a total of £400,000 written premium in the reporting period for that product type category.

The return (for the period 01/01/2021 to 31/12/2021) will be due by 28 February 2022. Failure to submit the return by the due date may result in a fee of £250 per return.

If you have any questions regarding the above or any other compliance issues, please contact your Business Manager or the team at RWA via 01604 709509 or helpdesk@rwagroup.co.uk.

About the author

Kirk joined RWA in 2015, having worked in the financial services sector for many years. He started out in both the general insurance and mortgage advice arms of HSBC, before becoming the Compliance Officer at Go Compare and Training & Competence Manager at Optimum Credit. 

At RWA, Kirk is Deputy Head of Compliance. He supports RWA clients by looking after their compliance, training and competence needs and keeping them up to date with regulatory changes. He promotes the achievement of fair customer outcomes and specialises in designing and implementing T&C schemes for firms of all sizes.

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