Freeths

This Practice Note considers the implications of the Financial Conduct Authority’s (FCA) Consumer Duty for insurance intermediaries, including measuring fair value of insurance products, the FCA’s expectations for implementation and consideration of a number of specific issues for insurance intermediaries related to scheme policies, placing and producing brokers, claims and renewal processes, broker commissions and potential conflict with insurers. It also highlights key regulatory developments (including supervisory reviews) relevant to insurance intermediaries’ implementation of the Consumer Duty.

This Practice Note considers the implications of the Financial Conduct Authority’s (FCA) Consumer Duty for insurers, including consideration of a number of specific issues related to the claims handling process, the calculation and setting of premiums, the suitability of policy wordings and third party involvement. It also highlights key regulatory developments (including supervisory reviews) relevant to insurers’ implementation of the Consumer Duty.