General Insurance Pricing Practices Market Study

The FCA recently published its Policy Statement (PS 21/5), May 2021, containing its feedback and final rules on the General insurance pricing practices market study.
The Policy Statement outlines the regulator’s ‘package of remedies’ to address what it sees as the issues identified in its general insurance pricing practices market study final report. The regulator anticipates these remedies will ensure firms provide fair value to all their customers, including commercial ones (not just motor and household) and will see an end to higher prices currently paid by some long-standing customers.

This is a lengthy and significant collection of new regulatory expectations, that will have a considerable impact on many firms.

The expectations do not come into force all at the same time, and will not affect all firms in the same way – but this session will aim to explain all of this, in order to aid your understanding of the new expectations. There are some key dates which are just months away and others effective from next year.

This webinar is your opportunity to learn more about the FCA’s finalised rules and guidance aimed at addressing pricing and product value concerns, so that you can consider their impact on your firm’s business model.

It is therefore essential that Senior Managers and relevant staff start to engage with the FCA’s finalised rules in order to think about how they will need to act to be ready for implementation. This session is a must for Senior Managers, Executive Board Directors, Non-Executive Directors, Risk/Compliance staff, Operational staff and individuals who have responsibility for Strategic planning, Pricing/Actuarial and Sales & marketing within a firm.

Learning objectives
At the end of the session delegates will:

• Understand why FCA PS21/5, May 2021, has been issued to address GI pricing and product value concerns
• Have an overview of the FCA’s proposed reforms
• Be able to explain what firm needs to start considering
• Understand the consequences of not taking this seriously
• There will be time for questions and answers during the session

Speaker:
Adrian Golifer Consultant at Create Solutions Ltd – The Specialist Training and Compliance Company for the General insurance industry.

Adrian has over 30 years’ experience in financial services compliance, risk management and regulation and in that time worked for the FCA for many years supervising an extensive range of firms including those in the General insurance industry and also has first-hand experience of consumer credit and claims management firms.