FCA publishes business plan for 2018/19

The regulator published its latest business plan earlier this week. The year over which it has outlined its priorities will, of course, come to an end as the UK formally leaves the EU and, assuming the outline treaty holds, begins a 21 month implementation period / transition phase. Among key cross sector priorities affecting general insurance (GI) firms are data security and resilience, treatment of existing customers (ie tackling the issue of dual pricing) and the ongoing prevention of financial crime. GI specific priorities include further work on customer value in long distribution chains and on competition in the wholesale broker sector. Continue reading

Effective delegation?

terms and conditions

A regulatory guide published by the financial services regulator in 2007 requires that “a customer’s experience should not be affected by whether a product or service was provided and distributed by a single institution or by two or more institutions”. This guide – The Responsibilities of Providers and Distributors for the Fair Treatment of Customers, or RPPD – is still very much in force and on 2 June 2015 the regulator (now the FCA) published results of its thematic review of delegated authority in the GI market, which examines how effectively firms are performing against this standard.

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