FCA Consumer Duty and Product Governance update for GI

The FCA want to see a higher level of consumer protection in retail financial markets, 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.

This General Insurance focused session will also include an update on Product Value Assessments that have 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.
We will also cover the current position on multi-occupancy insurances following intervention by the government (very much part of the product governance and value assessments work).

Learning objectives:

• What is the new Consumer Duty and what will you have to do
• A reminder as to current issues when it comes to general insurance
• Key aspects of the product governance rule to include product value assessments (that have to be concluded by 30 September 2022)
• Present position on multi-occupancy insurances and the ramifications of this for insurers and brokers alike.