In this comprehensive and interactive webinar, Branko Bjelobaba FCII explores the FCA’s new Consumer Duty – what it means in practice and how you should prepare.

Description

The FCA wants to see a higher level of consumer protection in retail financial markets, where firms compete vigorously in the interests of consumers and wishes 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. It set out high-level proposals in the first consultation and has now revised those in light of feedback and is setting out proposals in more detail with final rules due to be published by 31 July 2022.

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
• competition is effective in driving market-wide benefits, with firms competing to attract and retain customers based on high standards and innovate in pursuit of good consumer outcomes, 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

• What the new Consumer Duty is and what you will have to do
• A reminder of key current issues when it comes to general insurance – product governance and pricing rules
• The current FCA survey on implementation of these rules
• FCA concerns with multi-occupancy insurances and the Dear CEO letter

Speaker

• Branko Bjelobaba FCII, Senior Consultant on FCA Compliance, Branko Limited

Audience

This webinar is relevant to anyone working in general insurance including brokers, insurers and anyone with an interest in this area.