FCA GI Consumer Duty and update

FCA GI Consumer Duty and update

The FCA has made it clear that "some firms may be further behind in their thinking and planning for the Duty. This brings a risk that they may not be ready in time, or they may struggle to embed the Duty effectively throughout their business." A recent review highlighted three key areas where firms should particularly focus their attention during the second half of the implementation period (to 31 July 2023):-

1) Effective prioritisation;

2) Embedding the substantive requirements;

3) Working with other firms (many firms need to work and share information with other firms in the distribution chain but some plans gave little focus to this area).

A 13 page letter on 13 February 2023 makes things even clearer and on 19 March 2023 a survey was sent by the FCA to 600 firms to check progress! This General Insurance focused session will also include an update on Product Value Assessments (note the FCA criticised insurers for their lack of progress with this). 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.

Learning objectives - by the end of this 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;
• Present position on multi-occupancy insurances and the ramifications of this for insurers and brokers alike.

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!) talks. 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. He judges various insurance awards and is always being approached for commentary and analysis.

Branko has been a regular speaker at virtually all of the CII’s local institutes and since the world went virtual he has provided over 200+ events to more than 14,000 insurance professionals and feedback has been superb.