The FCA's (and previously the Financial Services Authority's) focus on value is consistent, with product design and Treating Customers Fairly (TCF) being on the agenda since 2004. The regulator’s approach has developed gradually since then and it has brought together different themes such as distribution chains, product governance, pricing, premium finance, add-ons, vulnerable customers and sales/renewal disclosures.
This has all cumulated into the FCA’s pricing remedy and extended product governance rules, with major rule changes as a result. These will increase pressure on firms to make sure that their products and services are fair, meet with customer needs and offer value for money.
To discuss any of the above services with a member of our Insurance team, please contact us today.
In today's ever changing economic landscape, financial services are adapting to and leading the change. Here, our team share their thoughts and expertise on the latest regulations and updates via short, informative videos.
Mazars is a leading provider of audit and business advisory services with over a hundred years of experience within the insurance market, both in the UK and internationally. We began as specialist bookkeepers to Lloyd’s insurance market and we have evolved to become an important and recognised audit and advisory firm in the insurance industry.
The Financial Conduct Authority (FCA) General Insurance (GI) pricing practices – how do the rules apply to non-price setting intermediaries?
The Financial Conduct Authority (FCA) confirmed new rules for General Insurance (GI) Pricing Practices – what has changed since the consultation and what now?
The Financial Conduct Authority (FCA) proposed new rules to come into effect in 2021.
In November 2019 the Financial Conduct Authority (FCA) published its finalised guidance after issuing its draft guidance for consultation in April this year.
The Financial Conduct Authority (FCA) sees pricing as one of the most significant business activities in general insurance with the potential to cause harm to consumers.
The Financial Conduct Authority (FCA) is scaling back, planned work is being put on hold and the timing of further work on General Insurance (GI) Pricing Practices is under review. However, this doesn’t mean there is a lack of regulatory activity, far from it! The regulatory impact of Covid-19 is just getting started and there’s already a lot to keep track of.
As we highlighted in our previous article, the regulatory impact on insurance firms as a result of Covid-19 was just getting started. The Financial Conduct Authority (FCA) must have been in a flurry of activity last week before issuing a number of new publications....
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