FCA Consumer Duty and Compliance Update for GI

The FCA want to see a higher level of consumer protection where firms compete vigorously in the interests of consumers and they wish to drive a healthy and successful financial services system in which firms can thrive and consumers can make informed choices about financial products and services. They consider that firms are not consistently and sufficiently prioritising good consumer outcomes and this causes consumer harm and erodes consumer trust. With final rules published on 27 July 2022 this talk will update you as to what now will be needed over the next 12 months.

This General Insurance focused session will also include an update on Product Value Assessments that had to be completed by 30 September (note the FCA have criticised insurers for their lack of progress with this) and have given brokers an extension of 90 days so as to prevent customer harm. Both brokers and insurers have an important role to play and this session will ensure you understand what it is you have to do and what changes need to happen in year two of the process to ensure it all gets done.

We will also cover the current position on multi-occupancy insurances following intervention by the government (very much part of the product governance/value assessments) and an update on the FCA’s work on Appointed Representatives.

Speaker Biography - Branko Bjelobaba FCII started his insurance career in 1987 and has worked across the sector including stints at PwC and GISC and has led his own consultancy practice since 2004. He works closely with AMII, BIBA and the CII and has provided hundreds of well-received (even entertaining!) training events throughout the UK. He is a recipient of the Thomson Reuters Compliance Personality of the Year Award, the London Market People Award for Legal and Compliance and was Highly Commended in the CII Public Trust Awards 2021. Last year he was quoted in the insurance press on 81 occasions.