FCA Consumer Duty and GI Update

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.

The new Consumer Duty aims to bring about a fairer, more consumer-focused and level playing field in which:-

• firms are consistently placing consumers’ interests at the centre of their businesses and extending their focus beyond ensuring narrow compliance with specific rules, to focus on delivering good outcomes for consumers; and,
• consumers get products and services which are fit for purpose, provide fair value, that they understand how to use and are supported in doing so.

Learning objectives - by the end of this GI focused update you will gain an overview of:-

• 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;
• FCA portfolio letter to intermediaries regarding supervision arrangements.

Speaker bio

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.

Since the world went virtual Branko has so far provided over 175+ events to more than 11,000 insurance professionals