FCA GI Consumer Duty and multi-occupancy update

In this comprehensive and interactive webinar, Branko Bjelobaba FCII gives an update on the FCA GI Consumer Duty and multi-occupancy insurances.

Description

Soon we will have had Consumer Duty for a year. On 20 February 2024, the FCA updated the sector with the following: “What firms are doing well and what they could do better. The Consumer Duty came into force for open products and services on 31 July 2023. We welcome the improvements made by many firms to deliver better outcomes for their customers. However, some firms are lagging behind. Under the Duty, firms must act to deliver good outcomes for retail customers. Firms should aim to continuously address issues that risk causing consumer harm. We have committed to highlight good practice and areas for improvement.”

Further, on 23 February 2024, it issued a 14-page letter following a Product Governance Thematic Review (which is a key part of Consumer Duty), saying: “In March 2023, we began a thematic review assessing insurance manufacturers and distributors product oversight and governance arrangements and whether firms are meeting their obligations and our expectations.” It published its findings and said it was sharing its key observations and concerns so that firms could take swift action, where necessary.

This session will cover the above two updates and also the new rules that are effective from 1 January 2024 on multi-occupancy building insurances following intervention by the government – these new rules impact over five million leaseholders who are defined as stakeholders and firms have to act in their best interests. Insurers and brokers will also need to provide information about policies to leaseholders, including details of all remuneration and placement. Additionally, Branko will provide an update on the Leasehold and Freehold Reform Bill which (at the time of promoting this event) will ban commission sharing.

Learning objectives

• Where we are with Consumer Duty and what you should have done
• Current issues when it comes to general insurance
• Key aspects of the product governance rule to include product value assessments
• New rules on multi-occupancy buildings insurance and the ramifications of this for insurers and brokers alike

Speaker

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